Everything You Need to Know About Estate Planning

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Most people believe that estate planning is only for wealthy people. However, this is not true. Everything you own is your asset and must be divided according to your intentions, no matter how much you own. Estate planning is essential to preserve and grow your assets while you’re alive, and distribute them ideally between your heirs and loved ones upon your demise. While it is critical to make sure you have an excellent estate planning attorney, you also need to create a great estate plan. There is much more to know about estate plans if you wish to create one. In this blog, we tell you everything that you might need to know about Estate Planning. 

What are the Key Elements/Tools of an Estate Plan?

  • Last will: Wills are the most critical document in an estate plan. You are required to mention all your final wishes regarding your assets and choose an executioner to carry out the distribution. If you do not provide the last testament or it goes missing, your assets will go under probation process.
  • Trust: Generally, trusts are established in the case of complex properties. However, you can entitle another person or an institute to manage your property until your beneficiaries are ready. Trusts are also an excellent method to reduce federal estate taxes and avoid probation entirely.
  • Power of Attorney: This legal document allows you to give authority over your estate management to someone reliable if you become incapacitated. You can also allow them to take any medical-related decisions on your behalf. However, they should be created before you are declared legally incompetent.
  • Life Insurance: It is another excellent tool that allows your beneficiaries to access your assets quickly and tax-free. It also helps you avoid probation. 

Factors to Consider in Your Estate Plan-

You should consider factors like your marital status, living conditions, number of dependents, and your personal wishes while drawing up your estate plan. 

Benefits of Estate Planning-

Estate planning is beneficial for creating a distribution scheme, saving your assets, and avoiding the probate process. However, there are many more benefits of creating an estate plan, like clearing legal formalities, planning medical decisions, and reducing federal taxes, to name some.

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, call us at 844.885.4200, or email us for expert financial advice.

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