Estate planning is the process of planning the distribution and management of your assets and to delegate responsibilities in the event of your death or incapacitation. It may include a will or trust, but is more advanced and helps to also ensure that tax responsibilities are addressed and minimized for the beneficiaries.
The first step in estate planning is to inventory all of your assets to determine what exactly your estate includes. Your assets not only include physical assets such as your home and possessions but also your banking and financial accounts. You will also want to declare who the beneficiaries of your estate are and include any contingent beneficiaries.
Second, you will want to ensure that you have addressed your desires and the needs of your beneficiaries; such as ensuring you have adequate life insurance, establishing guardianship of your children and pets, and documenting your wishes for their continued care.
Estate planning establishes various powers of attorney and details your medical directives. You will want to be sure who you have carefully considered who you delegate these responsibilities to and that they have been advised of their responsibilities and are comfortable accepting those charges.
Employing the help of an attorney or tax professional can be very beneficial when you begin the process of estate planning. Tax laws are complicated and vary across states. You want to ensure that you have minimized the estate and inheritance taxes your beneficiaries may be subject to upon the transfer of your estate, especially if your estate is large and complex.
Estate planning can seem like a daunting and complicated process, but it is necessary to protect your beneficiaries and give you the peace of mind that they are taken care of and will not have to endure years of expensive, drawn-out court battles over your estate.
The experienced estate planning attorneys at Hoover Kacyon LLC are ready to help you plan for the future. Our will and trust lawyers can help you by drafting the estate planning documents you need to ensure that your property and assets are transferred to the people that you desire.
We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.