3 Tips For Success When Planning The Family Estate
Friday, January 27, 2017, 6:00 AM | Leave Comment
As hard and disturbing as it can be to think about, everyone needs to make plans for what should happen to their assets in the event of their deaths.
This includes the creation of wills and estate planning. But where to begin?
Wills and estate planning may sound simple, but they can also be very complicated. So while planning the family estate, be sure to follow these three tips for success.
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Communicate
The single most important thing you can do when planning your estate is communicate openly and clearly with all involved parties.
You want to make sure there will be no hurt feelings and everyone is okay with, or at least understands, why you have chosen to make the decisions you have.
For example, calmly discuss and explain to your children, whether grown or not, what they should expect and what responsibilities might be on them when you are no longer here.
Reach agreements about inheritance so that none of your heirs feel slighted and there is no fighting.
Make sure to have a plan in place and that everyone is in the know about it.
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Consult Professionals
Whether it’s a lawyer for your will or a trust management service like Home State Bank for your financials, having professionals involved in your estate planning to some degree is necessary.
There is a lot of legality that goes into estate planning, living trusts and will drafting, and if you don’t involve the professionals your wishes might not be respected and your estate may suffer unnecessary financial losses, leaving behind less than you’d hoped.
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Start Early
Operating under the belief that you’re too young to need to worry about estate planning yet can truly prove to be problematic later.
This is perhaps most critical if you have children. If you have underage children, your estate plan will have to address the distribution of assets and inheritance, as well as who would be your children’s legal guardian in case of tragedy.
You will also have to name someone who would manage your children’s assets until they are no longer minors.
Beginning to think about and planning your family estate should be something you take action on immediately.
This is perhaps most important if you have minor children, but you should have a plan in place to direct your assets where you want them so complications don’t arise after your death.
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