Estate planning is something that families don’t necessarily like to talk about, but sometimes it makes sense to talk about it to be ready for anything that may happen. Life is not definite and it’s better to be prepared for the worst, especially if you have kids and grandkids to take care of even after you’re gone. Here are some things you can do to make the process easier to handle and talk about.
Hire an Experienced Lawyer
It’s better to find an estate planning attorney in Utah you can trust to guide you throughout the process. This way, you can have someone who has done this many times before and helped many families make the right decisions when it comes to deciding where their assets will go in case the owner passes away. Having a lawyer means you’ll have an expert opinion to guide you in your decision-making process.
Prepare a Will
Preparing a will is one of the most crucial parts of estate planning so it will be clear who will get what. Aside from financial assets, you must also determine which people will get your belongings including expensive items such as cars and jewelry and sentimental ones. You must be mindful of the governing agreements because your will can’t be followed if it doesn’t match the terms of the bank or financial institution where you own the account.
Income and estate taxes should be expected when your beneficiaries get their inheritance. As the owner, you have the capacity to minimize these taxes by taking care of them while you’re still in the process of estate planning. Gifting amounts when you’re still alive or leaving taxable assets to charities are two ways for you to minimize taxes. Ask your lawyer about your best options.
Remember this step so you can quickly yet efficiently handle your estate planning concerns and be ready when worse comes to worst.