Esteemed estate planner reveals the best tips to prepare for delegating assets.
SARASOTA, FL, UNITED STATES, June 20, 2018 /EINPresswire.com/ — Deciding the fate of an estate is never easy. Whether the person is making the decision due to unfortunate circumstances, or simple preparation, the process is difficult. It’s emotional and strange, thinking about mortality and realizing that when a person dies, their belongings are simply divvied out. The lifetime the person took to accumulate their estate and the work that they put into the endeavor is dispelled. Often, this process takes less than a day.
However, in addition to the emotions, there are also a lot of decisions to make. What goes to who, and how to plan an estate fairly is often in the forefront of the person’s mind. After all, this will be the last thing that you are ever able to give your loved ones.
Yet, people often wonder where to start. Fortunately, Andrew Corbman, a revered estate planner has put together his three best tips. These tips are to help people understand the process and contemplate the best course of action for them.
1. To Write a Will or a Revocable Living Trust
For most people, creating a will is a perfectly acceptable way to plan an estate. It’s simple, easy, and usually, straightforward. With most people, a will allows them to settle all their affairs in one spot.
Yet, there are some instances where a will might not be the sole or right course of action. If the person has multiple real estate holdings, having a revocable living trust is also a smart idea. This trust can be changed while the person is alive and helps to split real estate in an organized fashion.
2. Decide on the Representation
Reorientation is extremely important. By choosing an executor, the person is entrusting their living friend to carry out their will in their absence. This is a big responsibility, so it shouldn’t be taken lightly.
This is something that should be thought about extensively, logically, and without any kind of dedication or emotional attachment. After all, this isn’t a popularity contest. The executor of the will needs to be trustworthy. That’s it.
3. Plan a Memorial
This could easily be the most difficult part of the estate planning process, but it needs to be addressed. Planning a memorial service that the person would love is a difficult task when left to a grieving family. Fortunately, if the person plans it, along with their estate, it alleviates that stress completely.
Although, Andrew Corbman wants people to know that they don’t have to pay for their memorial. They should only be planning it. This is because, like everything else, the market changes. Plus, if the person needs that money for medical care or self-preservation while their still alive, they should have it. If they spend their money preparing their memorial, they lose that money. Instead, set aside the amount the memorial will cost. The person can always add to the fund, but once that money’s gone, it’s difficult, if not impossible to retrieve.
In summation, Andrew Corbman knows that each of these tips is only scratching the surface of bigger deliberations. Yet, that is exactly the point. There many different aspects of estate planning that need to be decided upon to enable a passing to go smoothly. It’s a difficult time for everyone in the family when someone passes away. ‘Therefore, the best thing a person can do is make the decisions for their family. That way, all they need to think about is laying their loved one to rest.
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Source: EIN Presswire