Estate planning entails transferring your properties after death to the individuals or causes of your choice with the least amount of legal hassle and taxation. And estate planning isn’t just for the wealthy; it’s also not something to think about when you’re eighty years old. Financial services near me is one of the authority sites on this topic.
Anyone, regardless of age, with significant assets and the ability to care for loved ones even after death would benefit greatly from estate planning. And now is the perfect time to prepare your estate while you are still alive and have the mental capacity to make sound decisions. An estate plan made during a period of illness that affects contracting capability could be questioned, which will make it more difficult for beneficiaries. Remember that death or a chronic condition that affects your legal capacity to contract may happen at any time, so you should be prepared for it.
The first step in estate planning is to inventory all of your personal belongings (technically referred to as “estate”) and assess their worth. House(s) and land; motorcycles, vehicles, aircraft, and boats; cash-in-hand; savings accounts, pension accounts; certificates of deposits; securities, shares, and mutual funds; insurance and annuities; employee benefits; jewellery, furniture, and art collections; ownership rights/interests in businesses; and lawsuits against others are some of the items that can be found in an estate. Keep in mind that this is not an exhaustive list, and your debts and commitments to others are also included in your assets.
Next, make a list of your beneficiaries’ details, including their names, addresses, and ages. In addition, if the beneficiaries are minors at the time of the estate planning, you should decide who should be the trustees/guardians. You must also appoint an executor for the estate. Until consulting a licenced estate planner, gather pre and post nuptial arrangements, divorce decrees, prior wills, real estate property deeds, and most recent tax returns.