Do you have an estate plan? Estate planning details the wealth management practices your beneficiaries should initiate once you pass away. Below is an extensive piece on what to consider when creating an estate plan.
Consolidate Your Assets
Asset consolidation is a critical aspect of any estate plan. Ideally, you should ensure all your assets are in your name. For instance, if you have inherited or purchased assets recently, ensure they are registered in your name. If you own a business, you could be conflicted over whether to register the assets to the business name or your name. Typically, your situation determines where to register the assets. For instance, you could opt to register the assets to the business to protect them from your liabilities.
Many people own online assets such as crypto, NFTs, social media accounts, and websites. As a rule, you should ensure the emails used to run these assets are in your name. Moreover, you could include the login and management credentials to these assets in your will. This way, your beneficiaries can access these assets when you die. You should also take measures to manage your liabilities. For instance, if you have missed some mortgage payments, consult your bank and draw up a solid repayment plan. Otherwise, the bank could liquidate the property if your beneficiaries do not have adequate finances to service the mortgage. You could also let go of depreciating assets and use the proceeds to offset your current loans.
Hire A Wills And Estate Lawyer
A wills and estate lawyer is at the core of your estate plan. Typically, the professional ensures your estate plan complies with the probate law of your locality. For instance, they help you create a will. The lawyer's intervention enables you to seal loopholes that would allow other people to dispute the will. For example, the lawyer could ask you to include all your kids (even those not currently dependent on you) in the will. This way, they do not claim they were left out of the will. Moreover, the professional drafts the will in such a way that it does not contain contradicting clauses.
The lawyer also helps you prepare for unforeseen events that could complicate probate. For instance, your preferred executor could relinquish their responsibility or pass away. In this case, the lawyer ensures that the will has multiple executors. An experienced lawyer will keep custody of your will and update it to reflect your changing wishes and financial situation.
Contact a law firm like Neilson Stanton & Parkinson to learn more.
Share19 June 2023
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