We use planning as a method to be successful and efficient in almost every aspect of our life. But do we plan for after our passing? Sorry to be the bearer of bad news, but we are all going to die. To properly plan for our death, we must ask ourselves several questions: How can I make sure my assets go to those whom I wish to have them? Who do I desire to make decisions on my behalf once I pass or if I become incapacitated? How do I make the distribution of my assets quick and efficient, while reducing my tax liability and the headache of probate?
As we move into spring, it’s the perfect time to “clean up” our affairs, along with our homes. Establishing a proper estate plan before your passing will be greatly appreciated by your family and loved ones.
What do I need in a proper estate plan?
Wills and Trusts
These two are essential to a proper estate plan. A will is a document that directs how your property and assets are distributed. You can be very specific in a will as to what and how much is given to any individual or entity. You may even attach certain conditions. You choose an executor to oversee the distribution of the assets. If you do not have a will, your assets will be…(read more)
Originally published on Utah Valley Health and Wellness