Estate planning is one of the most important things that any adult could ever do. That’s because, in addition to protecting their money and assets, an estate plan can also safeguard businesses, loved ones, and yourself if done right. That said, if you’ve married recently, you need to work on your estate plan as soon as possible, and here are a few tips to help you do that.
Work with a Professional
To make sure that the process is easy for you and that it’s done the right way, you ought to find a professional and enlist their help. They should have ample experience in drafting estate plans, especially for situations that are similar to yours. As a result, the process will be quite fast and informative for you, since you’ll be well aware of anything else that you need to do down the road. The professional will tell you about things such as that a SLAT allows you to remove up to $12.06 million from your estate, according to Perlin Estate Planning, and place this amount in an irrevocable trust for your spouse.
Put Guardianship in Place
If you have children, or you plan on having some, you need to think about guardianship. A guardian is an adult who you’ll hire to make decisions for your children in case of your demise. They should be capable and reliable so that they can carry out your wishes and take the best care of your children, ensuring that they still have a good chance of living their best possible lives. Aim to be among the one out of three adults in America who currently have a will or other document of estate planning in place, according to a study that was done in 2022 by the Caring website.
Find Out About Asset Protection
As mentioned, an estate plan can safeguard your assets if and when you’re no longer in a position to do so yourself. This includes physical property and businesses that you may have to your name. Talking to a lawyer about the steps that you should take to protect your assets can make it a lot easier for you to dedicate your best to your business with no worries of what may happen if you’re no longer able to make decisions for it. This is one of the reasons why you need to learn as much about the process as possible as it can help you avoid leaving out a crucial detail. Keep in mind that a mere 33% of adults in America, according to LegalZoom, have created documents for estate planning, and you should be one of them.
Try to Avoid Probate
Probate is the process by which the courts determine the future well-being of your dependents in case you pass on without an estate plan in place. In this case, the courts decide what’s going to be done with your assets and estate, and the process can take a very long time. Needless to say, your loved ones may go through unnecessary suffering while waiting for probate to be concluded, so you should save them from this by coming up with a good estate plan. Your lawyer should help you figure out the process and advise you on how to plan your estate, as well as any changes that you may need to make over time and as things change.
These estate planning tips should help you make the best call, saving you and your loved ones a lot of hassle in the future. Remember that it may not even take a long time for you to get this done, so it’s advisable that you avoid putting it off. When it’s done, you can live a life that’s less stressful, something that most people wish that they could achieve.
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