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Estate planning is a document that outlines how to manage your assets if you pass away or become incapacitated. The estate plan process includes assigning assets to heirs and creating a strategy to settle estate taxes. Most legacy plans are outlined in a will. Financial advisors and estate lawyers can help you establish an effective estate plan.
Your estate plan will vary depending on your assets and how many heirs you have. However, here are the basic steps to start a successful estate plan.
Create a will: A will is a legally binding document that supplies details on how property should be distributed and how custody of children under the age of 18 should be handled in case of your death. A will can also outline your wishes for funeral arrangements.
Name an executor: An executor is a living individual responsible for locating heirs and distributing property upon your death. This person can also handle your affairs if you become incapacitated. An executor must be deemed appropriate by a court.
Create a plan for estate taxes: All estates are subject to federal and state taxes. These taxes can considerably reduce the value of your property and can put a burden on heirs. Therefore, it is crucial to set aside assets to pay estate taxes.
Estate planning is an uncomfortable process for many people. However, it gives most people confidence to be prepared for the future. Contact Benchmark Financial today to set up an appointment.
An effective estate plan will include working with an outside attorney to create the documents that will be needed.