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A well-structured Will ensures that your assets are passed on as you intend, and it can help reduce complications for your family. Without a Will, your estate could go through probate, which is a lengthy and costly legal process. A clear estate plan gives your family peace of mind, knowing that your assets will be distributed as you wish and that guardianship for minor children will be established. Estate planning also helps to minimize estate taxes and provides a structured way for your heirs to manage your assets.
Furthermore, reviewing and updating your Will is essential whenever there are significant life events, such as marriage, divorce, the birth of a child, or a change in assets. Regular updates ensure that your estate plan remains relevant and that your beneficiaries are properly named. By planning ahead, you can also account for digital assets, minimizing complications for your loved ones after you’re gone.
Key Actions to Take
Review and Update Your Will: If you don’t have a Will, create one. If you already have one, review it to ensure that it reflects your current life situation. For example, add any new assets or update beneficiaries to reflect changes in your family.
Include Trusts for Asset Protection: Set up trusts to protect your assets from taxes and creditors. This can help ensure that your heirs receive the maximum benefit from your estate, especially in the case of large assets like real estate or investments.
Minimize Estate Taxes: Work with an estate planner to explore tax-efficient strategies for passing on your assets, such as gifting to heirs while you’re still alive or setting up a tax-free account.
Plan for Digital Assets: Designate a digital executor who can manage your online accounts, such as social media, emails, and digital files. Don’t forget to add these digital assets into your Will.
Set Up Power of Attorney: Establish a financial and medical power of attorney in case you become incapacitated. This ensures that your chosen person can manage your affairs and make decisions in line with your wishes.
Insider Tips
Simplify Your Insurance Search: Need life or critical illness insurance but dreading the process? Consider PolicyMe — a digital provider that makes securing coverage quick and easy. Their online application takes just 20minutes, offering fully underwritten policies at an affordable rate so you can protect your loved ones.
Include digital assets in your Will: Digital property like your social media accounts, cloud storage, and even cryptocurrencies need to be accounted for. Include instructions for these assets and designate someone (like a digital executor) to handle them after your passing.
Use BOOM’s partnership with Epilogue to set up your digital Will at a discounted rate. Epilogue makes estate planning fast and accessible—especially for complex estates. You can manage your legacy without the high fees of traditional lawyers.
Consult with a professional when it comes to protecting your hard-earned assets. Kahane Law’s team of professionals specializes in creating trusts that safeguard your wealth from excessive taxes, creditors, and unforeseen circumstances. By consulting the experts, you can ensure your legacy is secure, your loved ones are protected, and your financial future is managed with precision.
Don’t miss out on BOOM’s exclusive savings with trusted partners like PolicyMe, Kahane Law, and Epilogue Wills! Log in to BOOM now to access discounts that make estate planning simple, affordable, and stress-free.
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