You need to think of everything you want taken care of when you’re no longer here, says Michael Landsberg, CPA, CFP, principal at Homrich Berg, a wealth manager in Atlanta. ![]() ![]() Take inventory of all tangible and intangible assetsĮstate planning involves enumerating all your tangible and intangible assets, not only physical property such as cars, furniture, paintings or sentimental heirlooms but financial accounts, too. Here are seven items you’ll want to carefully consider as you’re making your estate plan. Here are the things you need in an estate plan as well as a bonus element that can provide more flexibility and help settle your estate more quickly. “If done properly, the estate plan can help significantly reduce the amount of tax and fees the estate owes at death.”Ī solid estate plan can be relatively straightforward to establish, and in some cases, you can also set one up with relatively little cost. “Constructing a strong estate plan can be very beneficial to you and your loved ones and will help minimize the probate process, expenses, delays, and loss of privacy,” says Brett Gersack, a wealth advisor at Halbert Hargrove in Bellevue, Washington. An estate plan tells your heirs and the courts how to divide up your assets, but it also helps protect your loved ones from unnecessary hassle and expense – as well as potentially months, even years, tied up in the court system settling your estate. It can be easy to overlook, but an estate plan is essential for nearly everyone, whether you have a lot of money or just a little. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.ī is an independent, advertising-supported publisher and comparison service. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.īankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our experts have been helping you master your money for over four decades. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our goal is to give you the best advice to help you make smart personal finance decisions. ![]() Editorial Independenceīankrate’s editorial team writes on behalf of YOU – the reader. Our editorial team does not receive direct compensation from our advertisers. We maintain a firewall between our advertisers and our editorial team. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. ![]() What to do when you lose your 401(k) matchīankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Should you accept an early retirement offer? How much should you contribute to your 401(k)?
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