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While it may be difficult to think about your family's situation
after your death, planning for their care is one
of the most important and loving acts you can do
for them.
Most of us work diligently to accumulate assets for our
family's financial well-being. Whether your assets are
sizeable or modest, careful estate planning ensures your
finances and family are cared for after you die. An estate
plan allows you to accomplish important
goals.
- Choose who receives your assets after your death.
- Keep your assets from being given to unintended beneficiaries.
- Determine the future care and guardianship of your minor
children.
- Minimize estate or inheritance taxes.
- Ease administrative burdens for your survivors.
- Make your final wishes legally binding.
This article can help you understand your choices for developing an estate plan for your situation.
Seek Professional Advice
Estate planning is complex and tax laws may
change and vary from state to state. Seek
professional advice from financial experts and
attorneys who specialize in estate planning and
can update your plan as needed. It may also help
to speak with trust professionals, such as those
employed by financial institutions or accounting
firms.
Keep Your Plan Current
Review all elements of your estate plan at
least annually and whenever the following
occurs.
- Your family circumstances change significantly such as
marriage, divorce, birth or adoption of a child, relocation to
another state or death.
- Your assets change considerably.
- Estate tax laws are revised.
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Basic Money Management
Basic Money Management