When someone passes away it can be a stressful time. To make this difficult time a little less challenging for your heirs you will need to do the proper planning. We can work with your estate planning attorney to see that your plans are put into place. The primary purpose of a properly structured estate plan is to carry out the wishes of the decedent in the most tax efficient manner. Designing an effective estate plan is very challenging now due to the constantly evolving tax laws and the high divorce and remarriage rate.
To get started with your estate plan you’ll need to ask yourself some questions:
- Who will be your executor or executrix?
- Who gets your property and when will they get it?
- Who will be the guardian of your minor children?
- Will they also be responsible for their finances?
- Who will be the trustee of your trust?
- How much are the estate taxes estimated to be?
- How much life insurance do you need?
These may or may not be easy questions to answer. The good news is as long as you’re still around and legally competent, you can always change your mind. In our experience married couples seem to get hung up on the guardian of their minor children and selecting the trustee of their trust
Unfortunately if the time comes and you are the executor or executrix of your spouse, parents or anyone else’s estate, give us a call. We will show you what the process is and can work closely with you and your estate planning attorney to make this go as smooth as possible.
If you have a question regarding estates and trusts, call Tom Scanlon at 860-646-2465 or Email Tom.