Are you getting close to retirement? Do you want to develop an effective estate plan but you are not sure how to start? If your answer to one of these two questions is affirmative, you have come to the right resource. We are all aware how important it can be to come up with the right estate plan, especially when retirement is just around the corner. You need to make sure that your assets are going to go to the right people, as well as that these are not going to be burdened with too many taxes. So, keep on reading and discover some great tips on estate planning.
1 Draw up a will
No matter how difficult it is to think about this final stage of life, you should create a will. This is an essential part of estate planning, as it will decide who will inherit your assets. Apart from real estate, you can name who will inherit non-financial assets – these can include cars, jewelry pieces or other valuable items.
It’s a good idea to consult with a professional lawyer, as such an attorney can help you come up with the best version of your will. You should also know that certain assets cannot be listed in the will; for example, you cannot leave your retirement account or life insurance policy to another party. Instead, you will have to consult with the financial institution in question and see the existent regulations.