Its important to have a Will. Here are the first 8 of 15 important practical tips regarding the preparation of your Will which should help you gain greater peace of mind and benefit your family. Make sure to check the second 7 Tips for more valuable information.
1
Start Early and Avoid the Rush at the End
Timing is important with Estate Planning. The earlier you start formulating a plan, the better the results that can be attained. Many things can be done early (such as transferring property into a Trust, etc.) that can’t be done later. Its also a lot better to plan in advance when your mind is clear and there is less stress instead of when facing the prospect of imminent medical problems or worse. Also, by starting early, more options may be available to you that may disappear with the passage of time.
2
Don’t Let The State Dictate How Your Estate is Distributed
If you die without an estate plan and a Will, the state in which you primarily reside at the time of your death will determine who gets what and how. When the state does this, its called being “intestacy” and the state directs who acts as Administrator and what proportions are given to everyone related to you. If you don’t leave any heirs, then your Estate could conceivably go to the State. However, when you leave a Will, you decide who gets what and under what circumstances.
3
Choose Which Estate Planning Attorney to Prepare Your Will
Planning your Estate is often a complex enterprise. In order to make sure you get it done correctly and to make sure your Will is unassailable, make certain you hire an experienced Estate Planning attorney who is capable of preparing your estate plan and can help you execute your Will so it cannot be overturned by anyone.
4
Make a Full Inventory of Your Assets
Prepare a full inventory of all your assets and include where each is located, together with pass words, serial numbers, etc. Also make sure that your Executor/Executrix knows where the list of assets is located so they can find it after you’re gone. That way, you will save the Executor a great deal of time and energy trying to locate everything. It also eliminates the possibility that they will never find something and it will eventually go to the state.
5
There are Always Tax Considerations
In 2008, each person can leave up to $2 million without having to pay federal estate tax. However, this amount will change each year until, by 2011, the figure will be $1 Million. This figure changes from time to time because of different laws set by Congress. And don’t forget, each state can have its own laws regarding taxation of Estates. Many states follow the same rule as the federal rules, but not all do. Make sure to check with your particular state in which you expect to reside at the time of your passing.
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