Estate Planning Basics

 

Most people are aware, at least to some degree, of what estate planning is. However, the degree of importance, or what details are precisely covered under an estate plan, are often misunderstood. There’s a variety of reasons why people need to start being concerned about estate planning in their lives. Here are some of the basics of estate planning for people to understand…

 

What an Estate Consists of

 

First of all, it’s important to understand what an actual estate is, if you are going to make a plan for what to do with it, after your death. An estate is pretty much everything that you own that would be passed on, in the event of your death. Here are some of the things that an estate consists of:

  • Property and other real estate
  • Personal valuables, such as cars, boats, jewelry, antiques, etc.
  • Stocks and investments
  • Life insurance
  • Bank accounts and other assets

 

What to Cover with Your Estate Plan

 

When you are making an estate plan, there are several major categories that you need to concern yourself with, such as who is getting what from your estate, or how to protect yourself from a heightened tax burden that is placed on an estate. To do this, it is usually worth it to have professional help, when creating your estate plan. Here are some major things that need to be covered with your estate plan:

  • Identify family, friends, or other individuals who will receive assets
  • Minimize the tax burden that will be placed on your assets
  • Specify who is entitled to the ownership of what property
  • Dictate specific plans that you would like followed for your funeral arrangement
  • Specify whether or not you want to be kept on life-prolonging medical treatment when you aren’t in a position to make a decision
  • Reduce transfer costs of your wealth and estate

 

Contact Our Team to Learn More

 

If you have any questions about estate planning, or any other topics that regard financial planning, then don’t hesitate to give our team a call today. At Afortus Financial, we help people take control of their finances and ensure that their loved ones would be taken care, in the event of their death.

 

(877) 756-0550