When it comes to estate planning, it’s easy to focus on the basics such as creating a will, living trust and living will. However, if you neglect to go deeper, you could end up missing out on something that makes life easier on you and/or your family.
Here are some of the many estate planning details you may have overlooked to this point in your life:
- Gift and estate taxes: Don’t forget about estate taxes, as this has a way of eating into the assets that you leave behind to your family. There are steps you can take while you’re alive to help minimize estate taxes after your passing.
- The benefits of a trust: A will alone may not be enough to give you peace of mind. A trust is often better, as its assets avoid probate and the terms and conditions are kept private. This can help protect against a will contest.
- Special needs planning: If you have a child with special needs, it’s critical that you consider how to best care for them after you’re gone. Through special needs planning, which typically includes a special needs trust, you can organize things in the best manner for your loved one.
- Potential fights among siblings: For example, if you appoint one child as trustee of your trust, it’s possible that your other children could become upset. Furthermore, if the trustee doesn’t share information with their siblings and instead makes unilateral decisions, it can lead to even more divisiveness.
- Family business: If you don’t plan on selling your business, but instead want to pass it down to the next generation, there are several steps you must take to ensure that this happens in an efficient manner.
These are the types of estate planning details that are easy to overlook, but just as important as any other.
It doesn’t matter if you’ve created an estate plan in the past or are starting from scratch soon, make sure you consider every detail that can affect you and your family now and in the future. This will give everyone the peace of mind they’re searching for.