Is your estate in order? Have you even begun the planning of the disposition of your estate in the event of your demise? When you pass away, there are certain typical problems which, if not planned for, create even more burdens and angst for those left behind.
By taking a long look at your estate and will you can eliminate or reduce these problems.
Authorizing the Continuation of Your Business
Are you a small business owner or entrepreneur? Speak with your estate attorney to best figure out how to handle this and then incorporate it into your will.
Care of Minor Children
There are a couple of key points to consider when choosing a guardian for your minor children. By leaving a current will, parents can nominate the guardian of their choice to raise their children and avoid leaving this critical decision to the courts. Relatives are not necessarily the best choice for a guardian and consideration must be given to the financial situation of the potential guardian, as well as their health situation, age, willingness and ability to care for and cherish your children.
The second point to consider is the asset management of the estate left to the minor children. The guardian may not be the best person to choose for financial management. It may be that you want a professional to handle these assets so they are not lost or unneccessarily reduced through mismanagement.
Choosing Your Executor
This is not a fun job for anyone. The duties of the executor can be very time consuming, frustrating and painful if the person was a close friend, relative or even your spouse. If you are unwilling to burden a loved one with this task, you can name a qualified individual and/or a corporate trust company in your will.
Financial Burdens
If there is insufficient income to care for your loved ones that are left behind your estate will suffer a cash flow problem. If your estate assets are improperly arranged they may not be enough liquid (cash type) assets to pay the estate settlement costs.
Peace of Mind
Although this is not something that can be measured in dollars and cents, when your estate is in order, an emotional load is lifted from your shoulders and you can enjoy your life.
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