Although estate planning is a good idea for everyone, including anyone in the Lee County area, many people still do not have an estate plan in place. Even those who do have an estate plan might need to review it if they haven’t updated it in a while. That’s because life’s circumstances can change often. Plus, laws and regulations concerning many estate planning items can also change.
When people die it is very common for them to give their money to their kids, or their spouse if he or she is still alive. Most people simply determine how much money they have, or will have, upon death and divide it accordingly. After people determine their wealth they will then need to figure out how much their assets are worth, and how to divide them.
However, when people die they must also take into consideration any debt they have as well as expenses that it will take to administer their estate and pay for their funeral. Next up, any charitable donations will be deducted and then the IRS will collect estate taxes if there are any due. After all those things have been deducted then the deceased person’s heirs will get the remaining portion.
Planning for your death might seem morbid to some, but in actuality it can bring a sense of peace that your loved ones will be taken care of after you die. If you need to set up your estate plan or review the one you already have in place, then you might want to meet with an experienced estate-planning attorney soon.
Source: Forbes, “Estate Planning 10: How to divide your money,” Larry Light, Sep. 22, 2014.