Think and Do Estate Planning Before you Pass Away
The best interest of your heirs lies not in your will but in your estate planning. Merely a will cannot protect your estate from aggressive taxes and attempts by entities to acquire assets in it. To ensure that your estate goes to none other but your descendants or the beneficiary which you have chosen for that purpose, you must do estate planning. It protects you from taxable events and helps you in planning ahead. The people whom you can involve in estate planning include the trustee, legal advisor, and tax planners. Their roles are carefully described. The role of trustee and other advisors is as below:
1. They help you in estimating the size of your estate.
2. They help you to determine the goals of your estate.
3. They will do a cost- benefit analysis.
4. The trustee and lawyers will help you drafting the legal documents required for estate planning.
5. The trustee can represent the estate in litigation process.
6. The role of tax planner is to minimize the tax that relate to the estate goals. Tax planner ensures that the tax is paid during your life time.
Aside the above mentioned areas, the responsibility of implementation of estate strategies, and creation of support for estate planning and also the management of assets lie with the trustee, tax planner and lawyer. The trustee in estate planning has an additional responsibility of communication with the beneficiaries to make sure that the administration of the estate is done in a proper way.
Estate planning is not easy, it is a comprehensive process. It starts long before you pass away and leave your assets without any idea of whom they truly belong to. You must start thinking about the estate planning right now. You must buy an estate planning package, depending on your needs, to do the planning in the best interest of your loved ones. But before you make a deal for the estate planning, you must acquaint yourself with some terms of estate planning as special needs trust, kids common trust, living trust, last will and power of attorney. If you need some special help in understanding these terms, then you can contact a trustee. The trustee can explain you each of these terms in much detail and can prepare you to go through the process of estate planning with ease.
1. They help you in estimating the size of your estate.
2. They help you to determine the goals of your estate.
3. They will do a cost- benefit analysis.
4. The trustee and lawyers will help you drafting the legal documents required for estate planning.
5. The trustee can represent the estate in litigation process.
6. The role of tax planner is to minimize the tax that relate to the estate goals. Tax planner ensures that the tax is paid during your life time.
Aside the above mentioned areas, the responsibility of implementation of estate strategies, and creation of support for estate planning and also the management of assets lie with the trustee, tax planner and lawyer. The trustee in estate planning has an additional responsibility of communication with the beneficiaries to make sure that the administration of the estate is done in a proper way.
Estate planning is not easy, it is a comprehensive process. It starts long before you pass away and leave your assets without any idea of whom they truly belong to. You must start thinking about the estate planning right now. You must buy an estate planning package, depending on your needs, to do the planning in the best interest of your loved ones. But before you make a deal for the estate planning, you must acquaint yourself with some terms of estate planning as special needs trust, kids common trust, living trust, last will and power of attorney. If you need some special help in understanding these terms, then you can contact a trustee. The trustee can explain you each of these terms in much detail and can prepare you to go through the process of estate planning with ease.
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