Tips From Professionals on Real Estate Planning
Estate planning is a very important part of your retirement plans. This can be an emotional and stressful decision. Professionals in the industry such as a fiduciary financial advisor have several tips to follow when you are making those tough decisions.
1. Define your objectives
This is not fun to think about but will help your loved ones in the long run. Estate planning encompasses elements of money, taxes, family dynamics and emotions. You want to be clear with your intentions, if you want your money to go to your favorite charity, then you need to be clear on this.
2. Inventory your belongings
Take inventory of everything so that you do not leave anything out that you own; You want to include both tangible and intangible things. These can include homes, land, real estate, cars, boats, collectibles, antiques, sentimental family heirlooms, clothing, books, tools, bank accounts, investments and life insurance policies.
3. Consider your values
What do you want to leave behind is a great question to ask yourself. This can be a legacy, memory or an impact on a person or a whole community. This can be money left behind for a college degree because you were the first generation to graduate, or something you value in life.
4. Brainstorm your beneficiaries
If there is not a will, most states will give the next-of-kin estate beneficiary rights. If you do not want your crazy nephew to get all your money, then you have to put in writing what goes to who. A good way to do this is to make a list of your close friends and family.
Remember these are just several tips that can help you along the way with estate planning. The best advice is to hire a professional. A financial advisor can help you with each step along the way and they will have your best interest in mind.