Whether you are a new mother or a senior citizen with her children married off and living their own lives, there is a dire need for you to start thinking about your estate planning.
Why Is Estate Planning Important?
There comes a time in every human’s life where they are unable to perform everyday tasks they used to and might need someone else to take over the handling of finances and other assets. In such cases, it is always better to have drafted a will which indicates which of your loved ones get what percentage of everything that you have. In the case of not drafting a will, after the death of the asset holder, the government decides how your estate is to be divided among your immediate relatives.
Your heirs could have to pay a specific amount of money to the government if a proper will is not drafted before your death.
What Is To Be Done?
Bosserman Law’s estate planning services always recommend that drafting a will and planning your estate from a younger age is very important especially for women who are single mothers. After your death, you don’t want to add to the grief of your children running around in courts to receive what you wanted to leave them. Plan ahead so your children receive the maximum of your assets and it does not matter how much you have, Estate planning should be done even if you have a small retirement account and one car.
Choose Your Executor Wisely
This is an important decision as your executor will be the one responsible for all the money you have saved up in your life. Many people choose close friends or relatives but it is recommended to choose a person who is financial savvy.
Consider Transferring Your Assets During Your Lifetime
It is always considered a good plan to transfer all your assets before you die because this way you can avoid all the taxes you can. If you gift $14,000 a year to your loved ones in cash or other assets, you can avoid the gift tax.
Do It Now
It is essential that when considering estate planning in Southaven, you should contact your lawyer to guide and advise you in the estate planning process. Start early so you can leave your family and friends everything that they deserve.