Writing a will and pre-planning final affairs is something that many would rather not think about, but it is important nonetheless. Planning ahead about what you would like to happen to your assets makes sure that there is a written, official communication of your wishes, and has the additional benefit of optimizing the amounts your beneficiaries receive.
Make Your Ideas Known
You can designate your plans for support for your spouse and children, including naming guardians for any minor children in the event that both parents die before the children attain adulthood. In addition, you can establish a trust for a beneficiary, such as a fund for a college education. In addition, you can also designate a favorite charity or religious organization to also receive funds or property.
Expedient and Cost Effective
Proper estate planning with a lawyer can ensure that your estate can be settled as quickly and inexpensively as possible, which leaves more money to your beneficiaries. For example, one of the ways to do this is to designate that insurance policy dividends are disbursed directly to the beneficiaries and not to the estate, thus eliminating taxes. Another part of estate planning is choosing trustees to execute your wishes for your estate as written in your will. A well thought out plan will maximize the amount your heirs will get and lessen the amount paid in taxes. To set up your estate plan, contact Melder & Melder at 248-721-9222