Once you have decided to begin drafting your estate plan, you may notice that the term “estate planning” is actually a culmination of important things. Identifying critical components of your plan that require your immediate attention and which can wait temporarily, is a matter of deciding what is most important to you. At Curley Law Firm LLP, we have helped many people in Massachusetts to put together and finalize an estate plan that is legally binding.
While there are many smaller details that you will find helpful to include, Consumer Reports has shared some that while seemingly simple, can actually have quite an impact on your estate plan as a whole. These include the following:
- Writing a letter: Your will is the perfect place to discuss inheritances, but not an effective place for disclosing your wishes for funeral arrangements and the allocation of sentimental possessions. A personal, authentic letter is an excellent way to leave your heirs with valuable information without crowding important legal documents.
- Name beneficiaries: This is a critical step where you articulate who you wish to receive which assets.
- Organize documents: Your surviving family will be so grateful if you take the time to organize important documents like financial papers for example, in a way that is clear and easy to follow.
- Pay attention to taxes: Monitor recent tax laws and modifications to determine which approaches to planning a will are most effective for your situation. Your vigilance now could lessen the amount of taxes your heirs will have to pay following your death.
By taking the time to organize your personal documents, write personal letters and name beneficiaries, you can create a strong estate plan. Additionally, make sure you understand how taxes can affect your plan and its outcome. For more information about planning your estate, visit our web page.