Now that 2019 is here, you may be thinking about your future more intently. Your New Year resolutions may include goals involving your health, relationships, work and family. Are you thinking about your estate plan?
The New Year is the perfect opportunity to start thinking about your estate plan and putting it into place. Here are some essential planning goals you should work towards achieving this year.
1. Provide for the ones you love
The most crucial objective of estate planning is to ensure your family members and close friends receive your money and property. You may especially want to make sure your spouse, children and grandchildren have what they need from you when you pass away. Let this be a motivating factor in creating a comprehensive estate plan in 2019.
2. Prevent disputes
There is always a chance your heirs may squabble over their inheritance once you die. However, you can help your loved ones avoid this by enacting a stringent estate plan. If you create clearly-worded documents, communicate your wishes and update your plan consistently, your beneficiaries have a better likelihood of accepting the outcome. The last thing you want is the people you love to argue or even file lawsuits over your estate.
3. Have a smooth administration process
When you pass, you do not want your heirs to wait through a lengthy process to receive what you leave for them. You can expedite the transfer of your estate by choosing a trustworthy executor and devising a strategy to avoid probate as much as possible.
4. Minimize taxes
Depending on the size and contents of your estate, it may be subject to estate and income taxes. If you structure your estate properly, you may be able to reduce or even avoid some of these liabilities.
5. Create peace of mind during incapacity
Estate planning is not just about the certainty of death, but also about the possibility of incapacity. If an illness or accident leaves you unable to make your own decisions, you can designate an agent by creating a power of attorney.
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