Estate Planning - Prepare For Your Future!
Estate planning is an important topic—one that many of us tend to avoid. Thinking about our own mortality or that of our loved ones isn’t easy, but having a solid plan in place ensures that our wishes (or those of our family members) are carried out properly.
Hi, I’m Steve Smith of Irish Realty, and today I am going to share a few key tips to get you thinking about Estate Planning.
1. Have a Will in Place
A will is essential for clearly expressing how you or your loved ones want assets to be handled. Without one, the legal process can become complicated, and decisions may be left up to the courts. Fortunately, setting up a will is relatively simple and cost-effective when working with an attorney.
2. Consider Establishing a Trust
In addition to a will, a trust can offer added benefits, such as tax advantages and a streamlined transfer of assets. Trusts can also be beneficial in cases of incapacitation, ensuring that assets are managed appropriately without unnecessary delays or complications.
3. Prepare for Anything
Estate planning isn’t just about what happens after death—it also prepares for the possibility of disability, or worse, incapacitation. If you become unable to manage your assets or care for dependents, having the right legal framework in place ensures that someone you trust can step in and handle affairs on your behalf.
It’s never too early—or too late—to start making an estate plan. If you need guidance on the real estate side of estate planning, I’ve helped many clients navigate these decisions alongside attorneys and accountants. There can be important tax implications to consider, and having the right strategy in place makes all the difference.
If you have questions or need assistance, give me a call at 574-360-2569—I’d love to connect with you today!