Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Trust and Estate Forms and other Legal Forms topics.
Prepare Your Will
Don't procrastinate. If you die without a will, your estate may end up in probate, which often causes problems among your heirs.
Use Estate Planning Forms
You can get the documents you need to create an estate plan at RocketLawyer.com. These estate planning forms are easy to customize and also include all the proper provisions and legal language.
Create a Business Succession Plan
If you have a family business, find ways to leave the business to those who will actually do the best job operating it. However, you should also have provisions of sharing the profits fairly with other remaining survivors.
Give to Charity in Tax-Efficent Way
You can utilize Charitable Remainder Trusts (CRTs) and Charitable Lead Trusts (CLTs) to structure charitable contributions in the a manner to maximize your deductions for income and transfer tax.
Update Your List of Assets and Liabilities
On a regular basis you should update your list of both assets and liabilities. Your liabilities will need to by paid off at the time of death before any assets are distributed.
|Jennifer Mathes, Ph.D.|