WAYS TO MINIMIZE COSTS FOR YOUR ESTATE AFTER DEATH
March 24, 2017
Death isn't cheap. There are costs most people don't account for - outside of the realm of funeral and burial costs. To make sure your estate and loved ones don't foot the bill, consider these tips for how to reduce costs your estate will encounter after death.
MAKE A SOLID ESTATE PLAN
While it seems like an expensive task, creating a solid estate plan the right way will cost your estate less in the end. An estate planning attorney has the experience to create a protective plan that is accurate and adequate in accordance with state and federal laws. Using DIY estate plans could cost your family significantly in the end.
UPDATE YOUR ESTATE PLAN
Even though you spent the money to make a good estate plan, you still need to update it regularly. Most attorneys recommend updating your plan at least once every other year and especially after a life change. For example, if you bought a new piece of real estate, had a baby or got divorced, you'll need to update your estate plan to reflect your new assets and life.
HAVE A PLAN FOR DEBTS
When you pass away, your debts won't go away. You need to have a plan for these debts so that loved ones can pay them off. This can include credit cards, mortgages and estate taxes. If you don't have a debt plan, your estate will be sorted out in probate and your family's' inheritance could be used to pay down your debts.