When you think about estate planning, what comes to mind? Many people cringe at the thought.
As scary as it may be, there are steps you can take to avoid trouble. There are things you can do to kick stress to the curb and make the right decisions at the right time.
If you have yet to create an estate plan, if you have yet to think about this, there are a few things you can do to get on the right track.
Here are five tips for beginners:
— Make it clear as to who gets what. You don’t want there to be any confusion once you pass on with regard to where your assets and property will end up.
— Choose how the money should be spent. You don’t have to do this with all your money, but it could be important if you want some of your assets to cover certain expenses.
— Use strategies to minimize income and estate taxes. This doesn’t do anything for you, but it can ensure that your loved ones get as much of your estate as possible.
— Use life insurance to your advantage.
— Get professional legal help.
These estate planning tips are meant for beginners. They can go a long way in keeping you on track as you begin the process of creating a plan you are comfortable with.
Once you have an estate plan in place, once you explain this to your family, you will feel better about the future. This is a great way to eliminate stress on you and your family.
Source: Forbes, “5 Estate Planning Tips,” accessed Jan. 07, 2016
