The onset of coronavirus has elevated the importance of estate planning. Also, it is the time of all-time high estate tax exemptions and, thus, a perfect time to engage in estate planning. You should start creating your estate plans if you haven’t already. Or if you have already started, start finalizing the documents
This article covers some of the most valuable tips on estate planning to help you make the most of it.
#1 Assess Your Net Worth
An efficient way of getting started with estate planning is by determining your net worth. Once you have calculated your net worth, make sure to assess if your estate falls under federal estate taxes or inheritance tax.
#2 Decide on Your Reasons
Consider the financial reasons behind your estate plan. For instance, probate lies on the expensive side. Also, if you own a business and have adequate retirement assets, an estate plan is a must for you.
#3 Create Your Will
People with fewer assets consider the wills to be sufficient for letting their wishes known. However, it is better to go for advanced estate planning tools like trusts if you have considerable assets.
#4 Do Disability Planning
Most people usually do not pay attention to disability planning. You must create a plan addressing your potential incapacity so that your loved ones do not have to lose you and your property under court-supervised guardianship.
#5 What Happens When You Pass Away
Your plans should be inclusive of matters to be handled after your death. Make sure to consider your spouse’s rights and what and when your loved ones will receive your assets.
Contact a Knowledgeable Attorney
If you are into estate planning or want further information and assistance in this regard, feel free to contact Keystone Asset Protection and Estate Planning today. A knowledgeable estate planning attorney is all you need in this crucial time.