Will Preparation
Throughout life's different phases, we dedicate substantial effort to building wealth and nurturing assets for our family and loved ones. Yet, transferring this wealth and assets efficiently, free from unnecessary taxes or expenses, necessitates thoughtful estate planning. Your will reflects your individuality, and investing time in crafting it today empowers you to safeguard and provide for those dearest to you. Josh, Jim, and their team understand the importance and complexities of proper estate planning, work with them now to plan for your family's future.
Our will preparation process consists of eight straightforward steps aimed at crafting a plan that mirrors your priorities and values for you and your loved ones:
1. Seek Out the Right Team of Professionals
The complexity of your circumstances dictates the expertise needed.
5. Establish Powers of Attorney
This stage safeguards your assets in scenarios where you're unable to oversee them or participate in ongoing decisions. With a power of attorney, you can predefine how someone should handle your financial or personal care choices on your behalf.
2. Design a Family Balance Sheet
This encapsulates your family's financial status, ultimately defining your family's net worth.
6. Minimize Taxes and Probate Fees
If your estate faces income tax or government probate fees, your beneficiaries might receive reduced amounts. Estate planning aims to minimize these costs by reducing assets subject to probate or those triggering taxes upon ownership transfer.
3. Determine Life Insurance Needs
Collaborating with your wealth planner is crucial in identifying your ideal insurance requirements. Life insurance proceeds serve multiple purposes such as income replacement, estate expenses, and inheritance.
7. Keep Track of Accounts and Important Information
Gathering all pertinent information can be a demanding task for an executor or family members settling an estate. Consider centralizing household information such as identification papers, financial account details, and legal documents. Once documented, keep a copy stored and inform a trusted individual of its location for easy access.
4. Create a Will
Your Will serves the purpose of specifying vital elements like naming your executor, outlining asset distribution after your passing, and appointing necessary guardians for your dependents.
8. Review and Update Regularly
Once your estate plan is crafted, it's essential to conduct an annual review and update. Summarizing and monitoring the current values of both financial and non-financial assets will help you in your estate planning goals.