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July 26th, 2022 |

ESTATE PLANNING 101: TIPS FOR MAKING SURE YOU’RE PREPARED

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TAKE TIME TO DETERMINE WHAT YOU WANT & WHAT YOU HAVE

Take time to think about what you want to happen in case of death or incapacity and start to document your assets.

 UNDERSTAND IF YOU NEED A WILL OR A TRUST

  • Will = transfers assets to the individuals you choose through public probate
  • Trust = holds assets, avoids transfer taxes, probate and is private

You can have a will and a trust simultaneously, using a trust to avoid tax burdens on investments in the will. Choosing to have both can protect your beneficiaries from future lawsuits, protect the assets you leave them, and help ensure your loved ones receive the money you want them to have. Typically, wills are less expensive in the short term but trust often are in the long run.

CHOOSE YOUR EXECUTOR CAREFULLY

An executor is responsible for making financial decisions after you die. It is essential to pick someone you trust to administrate objectively. An estate plan is essential for taking care of loved ones and, with planning, it can be executed smoothly.

4 Things to Consider When Choosing an Executor of Your Will

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