Start thinking about your estate plan. You might be wondering what you need to do to make sure you and your loved ones are taken care of after you die. In this article, we'll outline the most important aspects of estate planning so that you can make an informed decision.
If you're interested in learning more about estate law, read our post on how to create an estate plan.
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Here are five things to keep in mind when creating your estate plan.
1. An estate is the totality of all property and assets you own, including assets acquired after your death.
2. Your estate includes all of your personal property and any property you may have gifted to others during your lifetime. It also includes any property you may leave to a spouse or common-law partner.
3. You can appoint a trustee or executor to distribute your assets according to your wishes.
4. An estate plan is not a magic wand that will make everything happen automatically after you die – it must be tailored to the unique circumstances of each individual case.
5. Always speak to an attorney before making any significant changes to your estate plan – changes could have serious implications for your loved ones.
There are many reasons for estate planning, but here are just a few:
1- You may want to make sure that your loved ones receive the money you have amassed honestly.
2- You may want to protect your property from creditors or other claimants after you die.
3- You may want to ensure that specific family members receive inheritances or bequests that are appropriate for their respective roles in your life.