Readers in Lee County are likely aware that a last will and testament is a way for you to convey your final wishes and express how you want your affairs handled after your death. What readers may not know, however, is that even without children or dependents, estate planning is important in order to establish where you want any assets you leave behind to go. It is then the job of a will executor to follow through with those wishes and, essentially, tie up the rest of your loose ends.
Readers in Lee County are likely aware that, when a person passes away, a portion of the assets, properties and other resources that make up their estate are subject to estate taxes. For the very wealthy, estate taxes can be quite hefty and cost beneficiaries a large portion of their inheritance. The rate can reach up to 40 percent for couples with a net worth of at least $10.5 million and individuals whose estates are worth as much as $5.25 million.
Most people in Lee County are aware of the importance of creating an estate plan to establish how you would like your affairs handled after your death. An unclear plan, or one that is made under questionable circumstances, can lead to unintended family disputes. If, for example, a person’s mental state may be diminished or in some way incapacitated when they create their estate plan, probate issues and questions of validity may arise.
Regardless of whether you live in Lee County, or some other locality, those who are tasked with executing an estate have a number of responsibilities beyond just the distribution of assets to beneficiaries. When estate planning, people often overlook the tax responsibilities imposed by the Internal Revenue Service (IRS). Not adequately planning for and handling estate taxes can lead to legal issues down the road.