When is the last time you reviewed your estate plan? If it has been any longer than about 3 years ago, it is time for you to dust off the cobwebs and evaluate your existing estate plan. Although it is easy to forget about your estate plan, the last thing that you want is for your estate plan to be outdated if something was to unexpectedly happen to you. When it comes to evaluating your estate plan, it never hurts to have experienced and professional estate planning guidance on your side. By partnering with our staff at Dunncreek Advisors, that is exactly what you get! If you are in the middle of reviewing your existing estate plan, we have a couple of questions for you to ponder.
Who Will Be Your Trustee?
When deciding on a trustee for your estate plan, this decision should not be taken lightly. In fact, your trustee may have responsibilities regarding your estate plan for the rest of their life. Take the necessary time to think and decide on who within your family or close circle would be best suited to serve as the trustee for your estate plan. This individual should be trustworthy, knowledgeable, will make decisions based on the beneficiaries best interests and must be willing to accept this role. Depending on the size and depth of your estate plan, it may be in your best interest to choose an individual trustee as well as an institutional trustee. At Dunncreek Advisors, we can provide you unbiased guidance centered around investments and tax implications.
Is Gifting A Good Idea?
If your estate is worth a lot of money, one way to reduce the amount your estate plan is taxed is by gifting. Gifting is a great way to remove money from your taxable estate to help members of your family or close friends. Charitable gifting is another great way to reduce your taxable estate. In the end, your estate is still serving to help those around you, so this is a great concept to consider.
Is Your Estate Missing Anything?
All estate plans are different. We all come from various lifestyles. Some of us own a business, invest in the stock market, have been involved in multiple marriages, or have valuable items within our estates. If you feel overwhelmed by managing an estate plan on your own, our dedicated staff at Dunncreek Advisors is eager to help guide you through these tough decisions. Unbiased guidance can be invaluable when dealing with an estate plan. If this article has gotten you to start thinking about your own circumstances, get in touch with my office at firstname.lastname@example.org. I always like meeting with people who have started to figure out their retirement plans. Dunncreek Advisors does not provide legal or tax advice, nor is this article intended to do so.