Estate planning is the process of arranging a person’s asset to their legal heirs during the person’s life; to handle your responsibilities after your death or incapacitation. To ensure that it gets dispersed in a more beneficiary with minimized taxes, you should have a solid estate planning for your future. This estate planning helps to fine-tune the dispersion of assets as per your own personal and financial terms. Here in this article, we have shared the seven basic steps checklist for good estate planning.
1. Take all of your assets into consideration
The foremost thing you have to do, when you get yourself ready for estate planning is to look around and take all of your assets into consideration. So, list all your assets and differentiate them as tangible and intangible assets.
The tangible assets are the physical assets including your home, land, or other real estate, vehicles, inventory, equipment, buildings, and investments.
The intangible assets are not the one in physical form and include things such as Checks and savings accounts, deposits, stocks, bonds, business ownership shares, mutual funds, Life insurance policies, Retirement plans including superannuation plans, and individual retirement accounts, health savings accounts.