It is a common misconception that only people who are wealthy need to worry about estate planning. However, that could not be further from the truth. Even a simple estate-planning tool such as a will is important if you have a family of any kind. Even if you do not have children to provide for, passing away without a will can leave your assets at the mercy of court distribution.
We understand how estate planning works and have helped many of our clients set up their wills and estates. Keep reading for more information on how to keep your money in the family with estate planning.
Draft a will
According to USNews, one of the first steps you should take when it comes to estate planning is drafting a will. Without a will, your estate will go directly into probate court. Probate court is time-consuming and expensive, which could leave your family paying a large chunk in fees.
Additionally, you should make sure that your beneficiaries are correct. Some assets are not passed down through a will, so it is best to make sure you clearly state your beneficiaries in your will.
Establish a trust
If you have a large sum of wealth, you may benefit from setting up a trust. This will allow you to specify when and how you would like your assets distributed. Additionally, your assets that are inside of the trust will be exempt from estate taxes, which can save your heirs a lot of money. More information about this topic is available on our webpage.