The Assets in Your Estate Plan
Please make a list of your assets to be distributed to your heirs; it’s an integral part of your estate plan.
Have a look at your assets, bank accounts, properties, businesses, and any valuables you own. Work out a budget to see what you will need for the future and take into account inflation. What you’re left with after your future needs are taken care of is what you can distribute to your beneficiaries.
How Assets Are Handled in an Estate:
- Investments – Make sure it’s clear who gets your investments when you die.
- Bank accounts and cash – Look at the inheritance tax implications carefully.¹
- Retirement investments – Tax implications are essential here.
- Property and valuables – Look at the legal implications with your property.
- Your business – There are legal issues to note if you want someone to inherit your business.
It’s always essential to go through these assets with your tax advisor or your attorney.
The Life Insurance Option
Another good option to look at is life insurance as a way to transfer your assets to a beneficiary. These include short-term to long-term. Speak to your financial advisor to work out the best option.²
Estate planning is a clearly defined plan that sets out your wishes when you die. It will help your executor to carry out your wishes and help your loved ones carry out your final requests.
The sooner, the better, it’s better to plan your estate now. This way, your assets will be distributed to your beneficiaries instead of having the state decide who gets what.
A will is a legal document that you need to draw up to lay out what your beneficiaries will get and what your final wishes are. Estate planning is the plan you create before you draw up your will.
The main benefit is you can avoid paying inheritance tax.
Estate planning is something we all have to do. It’s essential to look at your assets and carefully plan out how you want them to be distributed when you die. Estate planning can help you to avoid paying inheritance tax and make sure your beneficiaries are well looked after.