Three in a Room

Estate Planning Strategies by Asset

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  

Common Questions

What Is Meant by Estate Planning?
When Should You Do Estate Planning?
What Is the Difference Between Will & Estate Planning?
What Are the Advantages of Estate Planning?

In Conclusion

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.

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