Your heirs will appreciate the time you took to plan your estate and examine your options for distributing assets. Failure to do this could jeopardize its value for the people you care about.
Knowing how to prepare your estate may not only improve your satisfaction but give you the tools you need to provide support and comfort to your heirs beyond your death.
Expectations and intentions
Gray areas in your estate plan could cause discord amongst your surviving family members. This could result in your estate going to probate court. According to U.S. News, in some cases, probate can absorb a staggering 20% of the value of an estate.
Your ability to clarify expectations and inform everyone of your intentions while you are still living could greatly reduce the risks of an estate dispute. You can have meaningful discussions about the legacy you wish to leave behind. You can explain some of the reasoning behind the strategies you chose. This approach may facilitate unity and understanding between your heirs.
Taxes and fees
Another way you can improve the value of your estate plan is by implementing strategies to reduce taxes and fees. For example, you can consider gifting assets while you are still living. You could also consider trusts and charitable contributions. Learning about your options for planning that could reduce the amount of taxes at the time of your death might elevate the value of your plan in the future.
The more time you put into preparing your estate, the more it can benefit the people you love. With your commitment, you might more effectively comfort and provide for those you care most about.