Preparing your estate plan can be a touchy subject, but it is important to do while you are healthy and have all of your faculties intact. If you are beginning to consider your estate and what will be left to who, here are some tips to get you started.
Hire Legal Assistance
Though you may want to start estate planning Ridgewood NJ on your own, it is important to involve a legal team who can help you with the intricacies of the process and ensure that you have not missed anything. Your legal team can also act as your executor if you choose, and they can also help your executor understand your final wishes.
Set Up Trusts
If you wish to set certain amounts of money aside for specific people, consider setting up trusts in each of their names and add the desired money in advance if you are able. This is the best way to ensure that your will is carried out exactly as you wish and that each loved one gets what you feel they deserve. Otherwise, you may risk having your assets split equally between a group of people, whether or not they were your desired recipients.
Prepare for Taxes
If you leave your loved ones assets but don’t plan for taxes (which can be high), they could be in a world of trouble and be stuck spending years paying for your items. Cash is typically not an issue, but if you intend to leave a large asset, like a home, to a loved one, it may be worth selling it in advance and leaving them the earnings instead because of strange estate tax laws.
It is never too early to begin planning your estate. Use these simple tips to get yourself started so everyone you love will be taken care of.