At Davidson Law Group, we understand that estate planning is different for each person and family, and building an estate plan can require many different elements depending upon the unique needs of the client. There are, however, some things about estate planning that everyone should know. In today’s blog, our estate attorneys share some of these issues.
Passing Away Without a Will Burdens Your Loved Ones
It’s true that you won’t be the one burdened if you pass away without an estate plan; however, consider your family. They will be forced to go through the long and painful process of probate while an executor is chosen. As this process unfolds, the state will decide how your assets are distributed. Working with an estate attorney, however, will allow you to determine where your assets go.
Complete a Belongings Inventory
An important step in creating an estate plan is to inventory all of your belongings. This thorough inventory should include your house, your fine china, your artwork, and all-important paperwork. You should track down bank accounts, insurance policies, retirement plans, stocks and bonds, and cars and their associated paperwork.
Name an Executor
It might seem hard to choose who should oversee your estate after you pass, but failing to name an executor is a huge mistake. This means the court decides who is appointed to distribute your assets and carry out the instructions of your will. That could mean someone who doesn’t have the best interests of your wishes is controlling your estate.
Review Your Beneficiaries
Remember, life insurance policies and retirement accounts are distributed outside your will. You may have chosen someone when you signed up for a plan many, many years ago. That person may be dead, someone you divorced, or someone you no longer speak to. Make sure to check and update your designation.
Related Post: How to Handle Estranged Children
Tax Exemptions are Complicated
City, state, and federal rules will affect the taxes you or the executors of your estate will be expected to pay. To fully understand the tax structure, you will likely need a consultation with an estate attorney.
Related Post: 1031 Exchanges: Tax Exemptions
Contact Davidson Law Group
If you want to learn more about estate planning and wills, contact an estate attorney at Davidson Law Group. We can help you protect your interests and ensure your family is prepared when you pass. Davidson Law Group is here for you. Contact us in Fort Worth, Allen, or Tyler today.