Estate planning is a complex and often emotional process, which can make it especially tempting to put off. Many people tell themselves that they’ll deal with estate planning later, but those that handle it earlier often have a better chance of their estate being divided in accordance with their wishes. Before creating your will with an attorney, discussing your plans with a financial advisor can help ensure you provide clear directions, take steps to help avoid probate, and make your choices known.Request a consultation with Good Life Financial Advisors of West Virginia to discuss your estate plan today.
Providing Clear Directions
The point of estate planning is to ensure your estate is divided up as you intended. This sounds simple, but there are many factors that come into play. Most people want to leave as much as possible to their loved ones or causes that are important to them. The more the estate accrues in taxes and fees, however, the less goes to loved ones and important causes. That’s why a large part of planning involves creating strategies that allow an estate to avoid unnecessary expenses.
Avoiding Probate
Probate has the potential to be incredibly costly and time consuming. It can also extend the time it will take for your loved ones to access their inheritance. One of the main reasons an estate goes through probate is because there was no will—or the will was contested. This is one of the many reasons it’s important to work with a professional to create a will.
Probate is not as simple as having a will or not, however. There are certain assets that might have to go through probate if the appropriate steps are not taken ahead of time. Work with an advisor to develop your estate plan can help minimize the number of assets that are required to go through probate, helping to save your loved ones from added stress and expense.
Making Your Choices Known
After writing your will, you may want to consider having a discussion with your loved ones. Making your intentions known ahead of time can help minimize stress and uncertainty for your loved ones. It also gives your loved ones a chance to ask questions about your wishes and make sure they understand your intentions.
Speak with an Advisor
Knowing that your estate wishes will be carried out can help you rest easy. Good Life Financial Advisors of West Virginia can walk you through the process and help you create a plan to maximize your estate.