Four Things To Think About When Planning Your Estate

How to plan your estate is one of the most important end of life decision that you are likely to have to make. Estate planning involves distributing property, money, and other personal effects legal heirs, paying estate taxes, setting up charitable trusts, and a number of other legal issues. A lawyer who takes on clients who are interested in estate planning in Columbus, Ohio can help you sort out some of the legal hurdles associated with making and issuing your will.

Writing a will
Writing your will can be an intensely personal endeavor. Be as specific or as general as you want; you are free to leave items to individuals by name, or leave it up to your heirs to divide your estate in a fair manner.

Laws related to wills vary greatly from state to state, so it is generally a good idea to involve a lawyer to make sure that all wording on your will is in accordance with the law and legal documentation is kept up to date for new heirs.

Estate taxes
Depending upon the size of your estate, you may be able to sidestep a number of the federal taxes related to leaving property to your heirs. Most people don’t have to pay federal estate tax because their estate falls below the minimum threshold. However, your estate may be subject to state taxes depending upon the area in which you live.

A lawyer who deals with estate planning in Columbus, Ohio estate planning in Columbus, Ohio can help you understand some of the estate tax laws, but it is best to visit an accountant when actually filing estate tax paperwork.

Insurance
Making sure you are adequately covered by insurance is a vital part of estate planning. Life insurance is one of the most important aspects of planning your estate, but it is important to factor in other types of insurance as well, such as automobile liability and homeowner’s insurance.

Setting up a trust
A trust is a legal arrangement wherein property is managed by one individual for the benefit of another. Since trusts are not subject to the same taxes as general assets, they are one tool that you can use to get around the estate tax. Trusts can be set up to benefit your heirs or your favorite charity, but keep in mind that they are subject to strict legal guidelines.

It is important to consult a lawyer who deals with estate planning in Columbus, Ohio if you plan to leave all of part of your estate in the form of trusts.

The AlerStallings Law Firm provides estate planning services in the area of Columbus, Ohio. For estate planning services get in touch with them.

 

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