When you are focused on planning your estate, there are a number of ways in which mistakes can creep up on you (especially if you are making the choice to do everything on your own). In order to be sure that, when it comes to estate planning you are looking at the big picture, there are four key things that you’ll want to know.
First, make sure that you are naming the right heirs. Especially if you’ve remarried or there has been a death in the family, be sure that your estate plan is up to date. Likewise, you’re going to want to be sure that you are choosing the right executor.
Similarly, you’re going to want to be sure that you are thinking about strategy. If, for example, you and your heirs would be in a better position if you were to set up a trust now rather than waiting and having everything distributed after your death, it’s a good idea to act now. Finally, you’re going to want to be sure that, when you are planning your estate, you are leaving assets with enough liquidity that your heirs will be able to pay estate taxes when they come due.
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