Transferring a person's estate is an important task, especially if there are a considerable amount of assets with significant monetary or sentimental value. As such, many residents of Chester, Pennsylvania, are focused on how they will distribute their assets through estate planning. Although most people think of wills when thinking of estate planning, estate planning actually involves a vast number of tools that play equally significant roles. As a result, for many residents, drafting an estate plan that may fit perfectly with their needs can be a complicated task.
To help residents in Chester, Pennsylvania, reduce some of the complexities of making an estate plan, here are some tips that will help. First, readers should take into account all of their assets when they start to estimate the value of their estate. These assets include retirement funds, amounts already in trust, life insurance and other future amounts that they may possibly inherit.
Next, they should remember the importance of leaving assets in a trust. With a trust, assets are protected from creditors. If done properly, assets in trust can be passed down from generation to generation without being affected by future estate taxes. Of course, the list of all financial accounts should include the basis of the assets in the account, the proper titling of the account and the value of the account. It is also important to differentiate retirement accounts, including the specific type.
These are some tips that might come in handy for readers of Chester, Pennsylvania, in the near future. However, readers should also remember that these are just some examples and there are many more ways to easily make and manage an estate plan.
Since estate plans may vary depending on the financial situation, it is wise for residents of Chester, Pennsylvania, to consult a legal professional. With the legal professional's help, the person may attain their essential goal, providing their loved ones with financial security. This may be done with a will, trust, durable powers of attorney and estate planning instruments.
Source: Fox Business, "How to Make Estate Planning Less Complex," Casey Dowd, Aug. 22, 2013