Estate planning refers to the process of putting together tasks or activities that could help in managing the asset base of an individual so that no complication or confusion happens upon their death or incapacitation. One of the major aspects of estate planning is the bequest of important assets to the deceased’s heirs. It also involves settling down estate taxes.
The preservation, distribution and management of a person’s assets become much easier if estate planning is done in advance. Estate plans are usually designed with the help or guidance of an attorney who has a good amount of experience in dealing with estate laws. If you are looking for some support in estate planning in Long Island, Palumbo Wealth Management is an agency you could get in touch with.
When you opt for estate planning in Long Island, you have to take into account all the properties the individual has. While evaluating the estate of an individual, you have to make a list of everything they owned including cars, houses, artwork, debt, pensions, stocks and life insurance. People engage in estate planning so that they can preserve their wealth and their family is well looked after when they are no longer around.
Here are some of the most important elements of estate planning:
Creating a Will
A will can be best described as a legal document that is put together to provide individuals with instructions on the ways in which the property of an individual and minor or children’s custody will be managed after their death. Every wish that an individual has about their property is listed in the will. Once they pass away, wealth and properties are supposed to be distributed as per the guidelines in the will.
Apart from specifying how much wealth should be given to the different members of the family, the will could also point out whether a part of the deceased’s wealth will be handed over to a trust. Sometimes, the individual ends up giving away all of their wealth to a trust. All this should be noted down in the will.
Appointing an Executor
An executor is a legal personal that is appointed by the court and is responsible for managing the assets of the deceased. An executor is expected to estimate the overall value of the estate by referring to the death value’s date or going by the alternative valuation date. All the important details pertaining to this can be found in the Internal Revenue Code or IRC.
The executor has to put together a detailed list of assets that are required to be analyzed during probate. Some of these assets include bank accounts, retirement accounts, real estate property, stocks and bonds and jewelry.
John Martin is an author of this article.To know more about Estate Planning Long Island please stay with our website:palumbowm.com
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