Retirement Legal Work: 3 Tips For Planning Your Estate
Author: Emma Sturgis
Before you retire, you want to consider the money and property that you have to leave behind to your family members. Preparing your estate can become difficult if you don’t have a lot to leave behind and you want to make sure everyone has something or if you have a large amount of money and property that needs to be divided equally. This is a time when you want to think about the taxes as well because some states will tax an estate if it’s over a certain amount.
Before And After Death
There are two important phases of the estate that you want to consider. Before you pass away, you want to include in the estate the details of your health requests. This should include what you want to happen if you are on life support or if you want to even be put on life support. There should also be instructions in the estate that give details about how to handle your finances if you are unable to take care of them. The part after death involves the division of money and property as well as guardianship of any non-adult children.
Most people aren’t able to create an estate plan without some type of help as the laws and regulations in each state are usually different. An attorney, like the professionals at Donald B Linsky & Associate Pa, can help you devise a last will and trust so that everything is divided equally and so that family members understand clearly what is to take place before and after your death. The attorney will keep a copy of the estate on file and submit it with the proper court authorities so that there are multiple records available. If at any time your finances or property ownership changes, the attorney can change the estate to reflect it in order to keep everything updated.
Reviewing The Plan
It’s ideal to review the plan that you have in place every two to three years. This will give you an idea as to what was included originally and allow you to change any information in the event that something changes in your life. You can also make changes to your healthcare wishes, such as removing life support and letting you pass away naturally, which will make the decision easier for family members to make.
Your estate is something that you can’t take with you when you die, so it’s important that your family knows how it’s to be divided. A professional is often the best way to get the estate taken care of so that you fairly divide property. After the estate is made, make sure it stays updated according to your needs and wishes.