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Things That You Should Know On Planning Your Estate

Posted by on Apr 5, 2014 in Finance | 0 comments

Many lawyers know the importance of having a proper estate planning, but people are not really comfortable with talking about their death that they prefer to do their estate planning in a later time. However, even accomplishing the minimum would greatly provide relief and relieve guilt feelings (as well as saving loved ones future problems) when death does not. To have better understanding about estate planning, here are some tips that could help.

First, people should understand that writing a will is quite easy to do. There are information and self-help tips that can be found online that could guide you through the basics – generally put down the things that you want a certain person to inherit, and sign it in front of a witness, preferably a lawyer. It does not have to be stored in a special place, but make sure it is kept safe. Make sure your valuable properties – such as life insurance proceeds, real estate, cars, and retirement accounts – are given to those you choose to inherit them; otherwise your spouse is legally the one who will inherit the money you have in your 401(K) plan.

It is important to be specific with what you write on your will. Don’t leave vague statements that could cause hassles or arguments between your families. Make sure know leave family business in the right hands. Inform people who will inherit your properties that they don’t have to pay taxes for their inheritance, particularly federal estate taxes. If you are required to pay for federal estate taxes, then it’s best to consult a lawyer.

Most important thing to remember is that every decision is yours and yours alone. If you do not wish to leave anything to your spouse or children, you can put in your will that they will receive nothing from you. This will make it clear that you did not simply forget about them.

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