In order to create a very effective estate plan, there are certain important tasks that must be put in place. One very important component to include in your estate is to determine whether you have a living trust or not. By creating a living trust, it can enable the fact that all your wishes for your family will be followed accordingly after your death. By also making a living trust accordingly and effectively, it can ultimately assure a faster distribution of your assets and avoid the unnecessary taxes along with keeping your wishes private.
In order to enable this process, though, you need to take prior steps in order make sure this living trust is correct. These steps include:
- Making A List Of All The Assets That You Want To Include
- Making Sure To Find All The Necessary Paperwork For Your Assets
- Choose Beneficiaries Wisely
- Choosing A Successor Trustee
- Choosing A Guardian For Your Minor Children
By following these prior steps, you will be able to create an effective living trust and making sure to strategize your time with every aspect.
Michelle Profit is an estate planning attorney serving Maryland and the District of Columbia. A Harvard Law School graduate, she has worked in the financial services industry for over 20 years. A dedicated advocate for all of her clients, Michelle Q. Profit personally handles each client case from start to finish to meet the client’s needs and objectives. Michelle listens in the consultation sessions and works with any other client accountants or financial planners to create a comprehensive estate plan.
Photo Courtesy: JEShoots.com via Unsplash
You can follow this conversation by subscribing to the comment feed for this post.