You need to plan and be organized if you want to have a great estate plan. Remember, size has nothing to do with this because the principles applied are the same. You need to ensure that your estate is in the right name and is willed to the proper beneficiary.
You also have to ensure that you meet all the tax obligations. Many people are not knowledgeable when it comes to creating the perfect estate plan. Patrick Simasko best explains how to create a perfect estate plan. This read looks at different ways in which you can create a perfect estate plan.
The first step in creating a perfect estate plan is by calculating your net worth. It is easy to do this since it does not have to be the real figure since you can work with estimates. Simply add all your investment property, personal property, money in the bank, and the value of your assets.
Other things that you ought to add include the insurance plans, rental income, and income that you get from your business. Once you have done this, take a summation of all your liabilities which include all the debts and find the difference. This will give you what is referred to as your net worth.
Financial and family needs on your estate plan
After you have established your estate plan, go ahead and determine your financial and family needs on the estate plan. However, it is important to note that you will have to look at the other economic reasons as far as your estate plan is concerned.
Make sure that you avoid probate because it is not only time-consuming but equally expensive in many jurisdictions. If you own multiple properties, you will need to come up with a plan that will ensure that someone takes over and runs your property when you are incapacitated.
Hire a qualified real estate attorney
The real estate planning is not as easy as it sounds especially if you do not have prior knowledge on the same. You will need to hire a qualified lawyer who has specialized in real estate planning to take you through the various options that are available.
You need to be careful in your selection since some families have lost their family inheritance through clauses that have been inserted by the unscrupulous lawyers.
Revocable living trust or will
Last but not least, determine whether you need a revocable living trust or will. The real estate attorney will help you in making this decision by advising you accordingly. He will give you the advantages and disadvantages of each, and you can go ahead to make the decision that you feel is the best for you and your beneficiaries.