While there are myths around estate planning that refuse to die, there are certain facts that prove it’s worthiness for everyone. For starters, people often think that passing on the inheritance is only for the uber-rich, but that’s not exactly the case. In fact, having a will assures that you pass on your values and wealth to your children and grandchildren.
Many would argue, that estate planning is handing over the property and assets to an heir, but that’s not entirely true. In fact, planning your estate is more than just passing on the inheritance. It is, indeed, passing on the legacy to the successors. And certainly, it also ensures the future of the successors.
But, the real question is, how do you plan your estate? What should you be considering when deciding your will and the beneficiaries of your accumulated wealth and assets? What happens with your property when you’re not around to take care of it? Or, rather, how do your dependants take care of themselves, if they are void of the resources that you’ve cumulated over the years of hard work?
Read on, if you’re keen to find an answer to such questions.
Know the type of inheritance
For starters, consider the possible ways you can pass on your assets and property to your successors. Now, there are several ways to do so. For instance, you can create a trust that would give you full control of your assets, even when you’re not there. Certainly, creating a trust is suitable, when you know you have prying eyes on your wealth, and you wish to save it for your successors. Expert probate solicitors suggest here, http://waymanandlong.co.uk/new-services/estate-planning-probate/ when planning to create a trust keep a check on probate costs to assure your heirs have one less thing to worry about. After all, the purpose of creating a trust is to ensure that they receive the benefit of your wealth and not anyone else. Creating joint ownership, or nominating a secondary beneficiary is another way you can pass on your wealth to your successors. Of course, the type of inheritance you pass on to your heirs also depends upon the circumstances that may lie ahead of you.
Consider the future (needs & fulfillment)
Well, it would be inappropriate to say that you can predict the future. But, based on the current situations, you can still anticipate future possibilities. For instance, you can assume that the cost of living would surely be ahead of what it is right now, and accordingly, you can start assigning the assets. Apart from the living cost, you also need to make sure that all of the dependants can survive on their own, and do not have to seek any help from anyone. Especially, if you consider the fact that there are always possibilities of accidental or sudden demise. Be it your, underage child or your unemployed housewife, you should consider and plan for their future needs when you’re planning your estate. And not just that, you should ensure that your inheritance fulfills them too.
Gift your legacy to the scion
When you pass on your heritage to your successors, it’s not just wealth and land. You are passing on a lot of life values to your successors, as well. Consider that you have a vineyard, that you pass on to your son or your grandson. It would be foolhardy to assume that your successors can transcend far away from the family profession, of brewing vines. They might expand or explore, other fields and trades, but at the same time, they’d also support the family business. Similarly, the wealth, the way you pass on your inheritance, and all other inclusions, all affect the way of life your heirs will live by. That is the reason, why you should be paying head to how you wish to pass it on. Do you wish your heirs to live by your legacy or do you wish them to choose and create their legacy? Whatever, they do, they’ll still be carrying your name and, of course, your inheritance with them. Which, by no means, is only the physical wealth and accumulations.
Planning your estate at the right time is very important. Rushing into nominating any caretaker to your estate, at the hour of need, may leave your loved ones, deprived of your love for them- your wealth. It is best to have your estate planned as soon as you can realize that their dependants on you, and they may suffer to make a living, in your absence. And, as soon as you realize, make sure you consult an expert in the domain who can help you make the right decision and plan your estate the best possible way.