Minimizing Your Costs For Estate Planning

Tuesday, March 15th, 2022, 9:01 am

Many times in life, when we forget the small details in an estate plan, it can cause huge losses for others. These losses can then turn into last-minute stress as changes and fixes need to be completed. Plus, if changes or corrections don´t happen, then your family may be out of more money than they originally thought. This failure to make updates can create a massive loss for the entire estate, which may not be correctable after a death occurs. In order to avoid forgetting to take care of the small details involved with estate planning, it is crucial to take the following steps to keep your estate planning costs at a minimum.

Have Your Beneficiaries Up To Date

Following a death, the will you have may not include a lot of your estate. These exclusions may involve accounts that need to be transferred upon death, a life insurance policy, and any retirement plan. The money associated with these accounts can be transferred to them following your death by having a beneficiary. Having beneficiaries named will help them avoid any probate as they will only need to provide a death certificate to obtain the funds.

It is important to ensure that your beneficiaries are updated regularly. Updating beneficiaries is important if you have been working for the same employer for many years. The last thing you want to do is forget to make changes if a beneficiary dies before you. Updating a beneficiary will avoid probate that the executor must now make.

Turn Your Stocks and Bonds into Cash

Nobody has physical stocks, and bonds or securities are now all electronic. Plus, having government bonds can be lost or forgotten about as time goes by. If you don´t convert these into cash now and they are discovered after you die, probate will need to be established.

Having a bank that accepts your certificates and bonds will make everything so much easier later. Plus, paying any taxes now will alleviate the tax burden for your beneficiaries after you die.

Look Over All Deeds You Own

With thousands paid to have your trust drafted by an attorney, you need to ensure that it includes all real estate that you own outright. This means the deed needs to be in your trust´s name. A lot of times, the real estate will go through a probate process and your will if the real estate is not sold after death.

Conclusion

Knowing how to minimize costs for your estate plan will save your beneficiaries a ton of money later on. If you need more information on minimizing costs, call us today to schedule a consultation.

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Category: Estate Planning, Uncategorized


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