Nobody is immortal in this world. We know that, right? Now, we cannot ignore the importance of one thing in life and even after death: Taxes. So, Garfield Logan Law would always suggest you chalk out a plan and make sure that your friends and family know and understand your wishes.
Tips to execute your estate planning with ease
- Make sure that you make an inventory of physical items
In order to do thus, you must analyze the inside and outside of your home. Now, what to analyze? Find out anything that is worth 100$ or even more. That can include anything from the house itself to collectibles and even power tools. So, basically, whatever is yours and is equal to or more than 100$, is eligible to be included in the inventory of physical items.
- Do you own any non-physical items inventory?
If you have a good collection of non-physical items, please take care of them as you will need them now. The non-physical assets include the list of things that you own on any entitlements including paper. These should be predicated on your death.
Now, what would those items be? The items include IRA assets, 401k plans, life insurance policies, brokerage accounts, bank accounts and others. Apart from life insurance policies, it also includes insurance policies for health, homeowners, disability and long terms care.
- Get hold of your list of Credit and Debit Cards
Under this tip, you need to make a separate list for all of your debts and open credit cards. So, it must have everything from auto loans, home equity lines of credit, existing mortgages and any debts that you might have. You know you can always make tasks like this easy. How? Make it a practice to get a free credit card report every year. This will help a get the list of any credit card that you may have forgotten about.
- Assort the TOD Designations
Do you know what TOD stands for? It is the full form of ‘transfer on death’. There are several accounts that get probated unnecessarily every day. Accounts like individual brokerage accounts, CD accounts and bank savings go through the process.
Probation is a court process that is avoidable if you want to. So, this process distributes assets according to the instruction of the court. This can dig deep holes in your pocket.
In that case, Garfield Logan Law is always here to help you out. The TOD feature is a feature can help you avoid the probation process. Get in touch with us and we will clarify your doubts.
- Nominate a deserving Estate Administrator
When you elect an estate administrator, he/she will be held responsible to follow the rules of the will at the time of your death. As it is a matter of severe concern, you must nominate the individual with care and attention. Any individual who is responsible and also in a healthy state of mind is eligible for your nomination.
If you are married, just don’t conclude that your nominee would be your husband. Sit down and think about it. Do not miss out any individual who you think is qualified for this role. Strengthen your decision-making ability.
- Form a Will
If you are above the age of 18, you are absolutely eligible for the formation of Will. So, this rule will help in the normal and proper distribution of assets. What are wills? If you ask me, wills are the drafts of cost-effective estate planning documents. Garfield Logan Law has an assortment of attorneys who can help you out. So, get in touch!
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