Here are four key elements of estate planning that can not only help to preserve the value of your estate but also ensure the efficient administration and disposition of your estate assets.
– A will is the cornerstone of an estate plan and deals with all matters regarding the final distribution of your estate assets. A will is a legal document that speaks on your behalf upon your demise. If you do not have a will, then the courts will decide the manner in which your estate assets will be distributed and this may not be in accordance with your wishes. For more information about estate planning, you can also visit http://speedwelllaw.com/alexandria-estate-planning-attorney/.
– A trust is a legal document that can be designed to address any unique situation that you may have in regard to the distribution of your estate assets. A trust can be set up for the protection and administration of assets for minor children, a spouse or for any other beneficiary.
– Your estate executor will need to know the location of your assets and vital documents. If you do not have a proper record of your assets and vital documents, valuable assets can be lost during the estate settlement process.
– It is vitally important to understand that most estates usually comprise of assets that are not readily convertible into cash. For example, real estate, long term financial investments, business interests, rental properties and other assets. In other words, most estate assets are generally illiquid.