Estate planning: Things you should know

estate planning

Individual mortality is a topic that no one enjoys discussing and that many people try to avoid. Regardless of age, estate planning is a crucial financial consideration that everyone with loved ones should consider despite its negative connotations. It is a myth that estate planning is only for elderly, extremely wealthy individuals. Here are things you should know about Estate Planning.

Name your beneficiaries right away

One of the most important things you can do when planning for your death is name your beneficiaries. This will help ensure your loved ones receive the money you have set aside. It’s essential to do this as soon as possible so there are no delays. Here are some steps you can take to name your beneficiaries:

  • Decide who you want to be named as beneficiary. This shouldn’t be a difficult decision since your family and loved ones will miss you the most.
  • Make a list of the people you want to be included in the beneficiary list. Have friends, co-workers, and other relatives.
  • Go through your bank records and identify any assets or funds you would like to transfer to the beneficiaries. Include real estate, pensions, and other valuable investments.

Will, trusts, or portable trust documents

Three central estate planning documents are will, trusts, and portable. They all have their benefits and drawbacks, so it’s essential to choose the right one for your needs. Here are some things to keep in mind:

  • A Will: The simplest type of estate planning document is suitable for people who don’t need or want any Inheritance Tax (IT). You can write a Will before you die. You should also update your will every year to include any changes in your circumstances.
  • Trusts: A trust is a legal instrument that allows you to divide your assets among specific people or organizations while still retaining control over them. You can create trust before you die. You should also update your trust every year to include any changes in your circumstances.
  • Portable Trust Documents: Portable trusts allow you to divide your assets into separate trust accounts without having to create an individual will or trust. This is good if you want to keep your estate affordable.

Common legal issues related to estate planning

Several legal issues can arise when planning for your estate. If you are lucky, you will never have to deal with them. But if something does happen, it is essential to be prepared. Here are some of the most common issues that can crop up during estate planning:

  • Probate – This is settling an estate after death. It can take a long time, so ensure you have everything ready.
  • Inheritance Tax – This is a tax paid by the estate of someone who has died. The amount that is paid depends on the value of the estate.
  • Archiving Documents – Keep all your important documents safe and accessible if something happens to them. You may need them to prove your claim for an inheritance or in a lawsuit.
  • Powers of Attorney – These documents allow someone else to make decisions on your behalf if you cannot do so yourself. Make sure you choose someone you trust who will act in your best interests.


There are a few things that you should keep in mind when planning your estate. One is to ensure that any assets you own are divided among your beneficiaries. It would help if you also documented your decisions so that your heirs could understand what was decided on your behalf. Finally, it’s essential to have an estate plan in place in case something happens to you before you die, like a natural disaster.

Estate planning advisors near me

At All Seasons Wealth, we want to help you achieve your financial dreams. We offer professionals qualified in estate planning and financial planning services, so we can help you put together a tailored plan for your unique needs. Our professionals will work with you to create a realistic and achievable budget. They will help you make the most of your assets to protect them and allow you to enjoy your retirement. Contact us today for more information about our estate planning services.

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.