5 Estate Planning Tips

Estate Planning

Death is the only sure thing that is a part of one’s life. Nevertheless, we often want to ignore the topic and get on with our lives. Realizing that pandemics and accidents can happen anytime, everyone should have an estate plan in place. Planning for your assets does not only belong to the wealthy and old. Anything you possess is your estate, and you can decide who will be their rightful heir after you without factoring in your age or total wealth. A proactive approach to creating your estate plan as soon as possible is always beneficial to your loved ones.

Use these few tips while creating your estate plan-

Tip #1- Make Decisions About Your Estate Wisely: Your estate plan includes a will in which you can specify your intentions about property distribution. Include details determining your beneficiaries, executor, trust agents, and healthcare proxy. Mention how your assets should be distributed between your heirs. If you have minor children or disabled dependents, you can choose the guardians and caretakers for them. Apart from the asset distribution, you should also mention any wishes in the last testament.

Tip #2- Plan for Your Legal Incapacity: If you become seriously ill or incapacitated to take any sound legal decisions, you can include instructions for someone worthy. You should consider health care power of attorney and insurance for this.

Tip #3- Consider Estate Planning Tools: Trusts, life insurances, and the power of attorneys are some tools that can help you reduce federal taxes on your estate, avoid probation, and simplify estate distribution. 

Tip #4- Include Digital Assets: Digital assets include the login details about your social media handles, cloud drives, and other digitally secured items. You can choose a digital fiduciary to take control of your digital assets after you and instruct them for further actions. 

Tip #5- Work With a Professional Estate Planner: Although you can create your estate plan yourself, you are advised to take help from the professionals. Set up a team of financial advisors, tax professionals, and estate planners to create a good estate plan.

About Castle Wealth Group

Contact Castle Wealth Group for all your estate planning needs. We build a perfect strategy for your retirement, including income planning, investment planning, tax planning, health care planning, and legacy planning. Visit our website or call us at 844.885.4200 or email us for your financial advice.

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