What You Need To Do To Come Up With an Effective Estate Planning
As the saying goes, death and taxes are some of the things you are sure about as long as you are alive. What this means is that you need to plan your estate well before those who were never meant to benefit from it do so. It is known people who don’t do proper estate planning eventually leave their estates to their attorneys and state treasurer after they die. With a proper estate plan, it means you are in control on how you want the estate to be distributed.
Creating or writing a will is the top step any estate planner begins with before they move on to the other steps. Once a person dies before they have written a will on how the estate would be distributed, the state comes in to dispose of it as it deems good. In most countries, blood relationships are some of the state’s schemes that determine how the estate would be distributed. The will is so powerful that even if the state wished to give the estate to someone else for certain reasons, it would not be able to go against the written will.
Besides writing a will, you also need to ensure you write the executor’s name on that will since it is this person who will ensure the estate is distributed as indicated in the will. The main role of the executor is to ensure no beneficiary complains over how the estate was distributed or complain about favoritism of any form by ensuring everything happens as per what is in the will. It is advisable not to just rely on the executor alone since anything may happen to them and for this reason; having the name of a trusted alternate would be a great idea.Most people choose a trusted child or a spouse for this position.
You should ensure that all the life policies you own are listed properly in that will. If you just list down the insurance policies and you don’t write down the names of the beneficiaries, the estate plan would be incomplete. In this section, it would also be important to consider writing down your face value, cash value as well as the ownership of every insurance policy you have.
Although estate planning is meant to ensure things flow well after you are long gone, doing it is quite overwhelming. Most people still find it a simple thing to do especially if they can be able to contact an attorney who deals with estate planning. It is important to ensure that your wishes, as well as interests, are what the estate planning lawyer would want to implement.