For most of us, leaving a meaningful legacy for our loved ones after our passing is very important. Yet the process of considering what to leave our family members can be emotional. Estate planning does not have to be a difficult process. Planning your estate now prevents needless anxiety later. A well-planned will gives you peace of mind to enjoy the years ahead. Here are some things to consider when planning your estate.
To curb potential family battles, it is important to be specific when planning your estate. Designate who will receive what after your passing. Have the important discussions now so there are no hurt feelings later. This is important when it comes to sentimental items such as family jewelry or any other heirlooms that have special meaning.
A basic will does not always account for every asset. When planning your estate, think of every available asset and determine how it should be handled after your passing. Property containing jointly owned cars or homes, retirement funds, and proceeds from life insurance policies do not always transfer through wills. A knowledgeable Media wills and estates lawyer can assist you in designating exactly what will happen to all your assets in the future.
Do not be concerned about leaving your loved ones with a hefty tax bill. Apart from tax-deferred retirement plans, surviving family members do not have to pay taxes on any money they inherit. Only when the inheritance is in the top two percent of what Americans typically leave in their wills are loved ones required to pay estate taxes.
One common source of contention among heirs is who should run the family business after a loved one’s passing. You have likely spent many years building your legacy. Leave it in good hands after you are gone. Have the important discussions before you plan your estate and make sure the person you want in charge of your business is on board before handing it over.
Your greatest asset when planning your estate is a Media wills and estates lawyer. An estates lawyer protects your assets, ensures nothing has been overlooked, and prevents some of the conflict that comes from unresolved family issues. Estate lawyers can also serve as executors, ensuring that a client’s intentions are carried out in the event of their passing.
A solid estate plan offers families peace and prevents painful disputes about sentimental family heirlooms and valuable property. Tackling your own will can make the process unnecessarily painful. Media wills and estates lawyers at the law firm of Eckell, Sparks, Levy, Auerbach, Monte, Sloane, Matthews & Auslander, P.C. know the right questions to ask. They create clear and concise estate plans that meet all of your needs. Schedule a free consultation by calling 610-565-3700 or contacting the firm online. Eckell Sparks has locations in Media and West Chester to serve clients throughout Pennsylvania.