Tips on Estate Planning

- Thursday 21, May 2015 -

Estate planning is the process of making provisions to transfer your property when you die, or to manage your assets if you become incapable of handling your own affairs. Planning for such events is the last thing many persons may want to consider, but one will find that there are great advantages to doing so. With proper estate planning you can choose how your assets will be distributed after your death, ensure that your property will be distributed in an orderly and efficient way and minimize the payment of estate taxes. Below are a few tips on estate planning which will be useful in the administration of your estate. Perhaps the most important element of estate planning is having a valid will. The benefits of this cannot be emphasized enough. With a will you are in a position to direct the administration of your assets after death and ensure that your assets are distributed according to your wishes. It is essential however that your will be properly drafted and executed to ensure that your desired objectives are fully and effectively met. A careless error could mean the difference between a valid will and an invalid will or an effective and an ineffective gift.

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