Tips to making estate planning straightforward
Category: Estates | Inheritances
“You’ve worked long and hard to acquire assets and build your financial portfolio while providing for your family at the same time,” says Willed.
“Your estate includes all the assets and properties you own, such as your home, car, clothes, and even debts. It also includes all the people who depend on you, like your spouse, children, or pets.
“Without a detailed inheritance plan, there’s a chance for your state’s legal system to handle your assets on your behalf after you die. This is something you want to avoid as it can potentially cost time and money to your bereaved family.
“This also gives the court control over your children’s future, especially if you don’t know someone who can act as their legal guardian after your death.”
Here are some top tips from Willed to help get you started:
Make a list of all your assets
You may think that you don’t have many assets to justify why you need estate planning. Yet once you begin listing them, you may be startled by all the assets you have, both tangible and intangible.
Create a list of everything you own and separate them into two categories: tangible and intangible.
Tangible assets refer to your physical properties or belongings, which include:
- Real estate properties, including your home
- Cars, motorcycles, or other types of vehicles
- Art pieces, antiques, trading cards, and other collectibles you own
- Personal belongings, such as jewellery, furniture, clothes, accessories, family heirlooms, etc.
As for intangible assets, these are non-physical properties, which include:
- Personal accounts, such as cheque and savings
- Stocks and bonds
- Life insurance coverage
- Retirement plans and retirement accounts
- Health savings account
- Business ownership
The list will give you a good starting point on which of these properties you want to include in your will and to whom you are giving it. You might also want to get help from professional services that specialize in estate planning and listing your assets.
Create a will
Creating a will is one of the basic steps in the estate planning process. It’s a document that specifies how your assets will be divided after your death.
A will is an effective way of letting everyone know how you want your possessions to be taken care of when you die. It should not only include how you want your other assets to be distributed but also who’s going to act as guardians for the children and pets you’ll leave behind.
Lastly, you must assign a trusted executor to ensure that all your wishes on your will are carried out. Without a will, all your inheritance will be handled in a probate court. This court will oversee property distribution and allocate your other assets to your beneficiaries.
See the original article here: https://citynews.com.au/2022/tips-to-making-estate-planning-straightforward/
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