Simple Things You Can Overlook When Planning Your Estate
Planning your estate will allow you to identify possible beneficiaries of your assets while you’re still alive, which allows you to have a say in what happens to your belongings when you’re gone. Estate planning can be a complicated process, which means that some of the smaller aspects of the process can be overlooked. Understanding what these factors are and how to implement them may help you substantially when planning your estate.
Make Sure That You Update Your Will Periodically
One of the most important aspects of creating an estate plan is to update this plan accordingly. While it’s certainly beneficial to have an estate plan created in the event that you die suddenly, the things that you want may change over time, which is why you should update your will on a regular basis. Whether a death occurred in the family or you have acquired an additional property, these events need to be accounted for in an estate plan. Consider updating your will every year or two.
Focus on Reducing Possible Estate Tax
Estate taxes are taxes that are taken from the assets that you have provided to your beneficiaries. However, there are things that you can do to reduce the amount of taxes that your beneficiaries will owe. You can make gifts of up to $14,000 per year to individuals or businesses, all of which can be exempt from the collection of estate tax.
Find the Right Person to Handle Your Estate
Many people choose a child or spouse to handle their estate once they are gone. However, these individuals may be too personally invested to do so properly, which is why you may want to consider someone who isn’t as invested to take on the duties that are required of a trustee or executor. If you are having difficulties with crafting your estate plan, you may want to consider retaining the services of an estate planning lawyer in Las Vegas who can help you along the way.