If you are like most people, there is a great chance that you might be sharing the thoughts that estate planning is only for the old and the very rich. The truth is that estate planning is for everyone. As soon as you are an adult, you can start with estate planning and control all important aspects of your life.
Here is a glimpse into the different aspects that you can address with estate planning.
Organize Your Digital Assets
With estate planning, you can also get your digital assets, including PayPal, email, Facebook, and other accounts, in order. Of course, you might not care about all online accounts and what happens to them after you pass on, but you never know when circumstances might change, and you might want to control access to your digital assets.
So, it might be in your better interest to sit down with an estate planning attorney, such as the estate planning attorney monmouth county nj, and list all digital accounts with their respective login details, and ensure that someone you trust is given the legal authority to access the digital accounts and act out your instructions.
This way, you will have the peace of mind that no one can misuse your information and other digital elements online after your death.
Address Tax Obligations
Another important aspect of estate planning is that you can address all tax obligations without putting a financial burden on your loved ones after your death.
You might have heard serious statements about inheritance and estate taxes. However, the vast majority of estates don’t owe federal taxes because only the estates that are over $12 million valid are categorized to federal estate taxes.
So, if your estate is close to this number, you will certainly want to tap into the estate tax obligations and ensure that everything is covered. The best thing to do is to speak to an attorney or financial planner to get professional advice on the tax plan of your estate.
You will also want to know whether your respective state has any taxes related to death and inheritance, as these aspects can affect your estate plan.
Control All Aspects of Life
The important thing here is to understand one’s rights and to leverage the law to handle all affairs of your life.
For instance, if you get into an accident, you might want to get in touch with personal injury lawyer thomasville ga, as the lawyer will help you recover your money after an accident, which can then help you with paying for medical bills and loss of wages that you might have incurred while healing from the injuries.
Establish a Living Trust
Life is uncertain and you never know what might happen at any given moment of life, which is why you will want to leverage estate planning as a way to build a living trust.
With a living trust, you will be able to transfer ownership of your assets and life decisions to someone you trust in case you become incapacitated and can no longer make decisions yourself. You can also tap the power of attorneys to handle your health and financial decisions.