It can be hard to start thinking about your estate plans because it draws attention to the fact that you won’t be around forever. Everyone ages, and death is a part of life. Fortunately, your estate plan can make this process easier for everyone.
To start with, most people who create estate plans work with their attorney and tax advisor to put together a collection of documents that protect their estate against taxation. You should remember that you are the person in charge of making decisions, but these professionals can help guide you toward decisions that will help you protect your estate, beneficiaries and heirs.
What is the main goal of estate planning?
Everyone has different goals, but the primary goal is generally to maximize the assets that you’re able to leave behind to your beneficiaries and heirs. To do this, you’ll need to learn more about estate taxes, inheritance taxes and gift taxes, so that you can distribute property in the right ways and at the right time to help your loved ones avoid costly taxes.
What should you do if you haven’t started planning for your estate yet?
No matter when you decide you’re ready to start planning, it’s a good time. You can never be too young or old to start estate planning. Someone in their 20’s might want to start planning due to having children, just as someone in their 70’s may find it an appropriate time to address the distribution of their assets. If you want to start planning, your attorney can tell you which documents they’ll need to get started.