No one ever likes to admit that some day they will, well, check out of this life. No matter what phase of life you find yourself in thinking about estate planning can be overwhelming and distasteful. Even thinking about a Will or a lawyer can be scary. In Estate Planning It’s difficult to know where to start, to understand what’s important and what’s not, and sometimes even beginning the discussion with family members can cause hard feelings.
There are, however, things that you can do to simplify and streamline estate planning decisions that are low cost, simple, and which will avoid problems and heartache in the future.
Here are a few simple tips:
- Start Simple. Some people will tell you that an instrument called a ‘revocable trust’ is essential for everyone. Several decades ago that may have been true, but in the last few years the estate tax exemption has dramatically increased and fewer people have estates large enough to require this kind of tax planning. Instead, start with a simple Will. Every person should have one because otherwise the laws of the state in which you live will decide how your property is divided.