Planning for your future means not only thinking about retirement but what will happen after you die as well. Do you want the state to take control of your assets and decide what to do with them? Or do you want them to go to your loved ones and avoid the hassles of probate and paying taxes as much as possible?
Thankfully, with smart estate planning, you can determine exactly what will occur after you die so you don’t have to worry about your family’s future. Here are some key steps to take today.
Get Your Documents in Order
Estate planning may involve putting together a last will and testament and a trust, writing up an advanced directive and deciding who your beneficiary designations and power of attorney are going to be. Along with getting these documents in order, you should also organize your bank account and investment statements, find your retirement and insurance policies, make sure you have your home’s deed, and gather any other crucial documents related to your finances.
Select the Right Loved Ones
You should ensure that you’ve selected the right people as power of attorney, beneficiary designations, executors, etc. Typically, people choose their spouse or children, but you don’t have to.
Discuss the Best Options With an Attorney
Estate law is complicated, so it’s best to reach out to an attorney ASAP. They will be able to guide you on the right moves to make so that you can avoid paying high taxes and your loved ones will receive more of your assets.
Contact an Estate Planning Attorney
When you need to start planning for what happens after you die, you can contact the estate planning attorneys at Legacy Law Group in Eastern Washington, Spokane Valley, and Spokane itself. Get in touch with us at (509) 315-8087.