Your estate consists of the assets that you will pass on to your beneficiaries when you pass away. Estate planning means deciding where your assets will go when you die. It takes time, thought, and the knowledgeable assistance of a qualified attorney.
Even if you diligently plan your estate on your own, it is easy to make mistakes. Mistakes can result in portions of your estate being unnecessarily taxed and assets going to the wrong beneficiaries.
We have compiled a list of some of the most common mistakes individuals make in estate planning. Please review the list, but also plan to meet with a qualified attorney to review your unique estate. If you want more knowledge about estate planning you can also visit Alexandria estate planning attorney via http://speedwelllaw.com/alexandria-estate-planning-attorney/.
Choose your Beneficiaries
Your beneficiaries are those individuals who will inherit your estate when you die. It is important that you carefully consider and name your beneficiaries. Choose the appropriate individuals for the estate you will be leaving behind.
Choose your Agent
Central to estate planning is choosing people to make decisions for you both during incapacity and after your death. These people include trustees, guardians, agents, and beneficiaries. Make sure that you select an agent who knows you and your wishes well. He or she will speak for you when you cannot, so it is vitally important that he or she knows you well.
A significant portion of your assets might be vulnerable to estate taxes after you die. However, there are ways to leave behind an estate without losing most of it to taxes. It is important that you consult with a qualified attorney to discuss the most strategic methods for establishing your unique plan.