What does estate planning mean?
Estate planning is preparing for what will happen to your assets after your death. Handling the distribution of your assets allows your heirs the possibility to grieve and removes the worry of wondering what your wishes might have been. It’s the last, kind, caring gesture you are able to make for your loved ones.
What is an estate?
An estate refers to all a person’s held assets. An estate may consist of:
- Real estate
- Primary residence
- Farms, Land, Recreational Properties, and Development Properties
- Rental properties
- Vacation Homes
- Other properties held in title
- Family Heirlooms
- Valuable jewelry
- Bank accounts
- Stocks & Bonds
- Social Security Benefits
Why prepare a Will and Estate Plan?
- Ensure your assets are delegated to surviving family members appropriately. Some juvenile or elderly family members may require additional guidance such as the establishment of a trust for disbursement of funds.
- Remove doubt from the minds of family members in regards to your wishes.
- Minimize the time your estate is held within probate. This could reduce the timeline from when your heirs may receive the inheritance, also.
- Proper & skilled estate planning may minimize the expenses incurred with the transfer of property, as well as reduce taxes.
- Plan for your golden years realistically. Many retirees wish to enjoy retirement but also provide for their families once they’ve departed.
- Estate planning may also include healthcare powers of attorney and advise the family of your medical directives.
- Designate charitable organizations you’d like to contribute to.
- Establish a transition for your business that protects your legacy.
Only 33% of Americans hold a will or other estate planning document in 2021.
When should I start estate planning?
You’re never too young to prepare for your family’s future. Estate planning gives you a voice in your affairs and a plan for worst-case scenarios. Of course, we all hope we never have to utilize these plans but having them in place removes fear & doubt.
Stay tuned for our next installment; we’ll be covering other topics related to Estate Planning.
Information has been gathered from sources deemed reliable but not guaranteed and is subject to change without notice. The information contained herein is provided for informational purposes only and not to be construed as tax or legal advice. Always seek the advice of an attorney for the legal or tax consequences of a transaction and/or related transactions, Geswein Farm & Land Realty, LLC, their advisors, associates, employees, and brokers are not liable for the information contained herein.