Estate law involves the transfer of all an owner’s assets after their death. This includes bank accounts, real estate, stocks, and other properties. Assets can be owned solely or jointly. They can also include jewelry, life insurance proceeds, retirement accounts, and more. The fair market value of these assets is considered the value of the estate.
An estate plan is an important document for everyone to have. The plan will differ for different people depending on their needs and circumstances. Most adults should have a power of attorney, which gives someone the authority to make health care and personal care decisions on their behalf. Depending on the size of the estate, it may be as simple as determining who will receive your assets upon your death, paying your last debts, or distributing your assets.
If you have any assets or real estate at your death, you may be required to pay estate taxes. Estate taxes can be complicated, and knowledge of the different deductions, credits, and exemptions can help you minimize your taxes. If you are unsure of whether you’re required to pay estate taxes, contact a licensed attorney smihub.
If you’ve never created a will, it’s important to make sure that you make sure to do so. A will is a document that details your final wishes as it relates to your property and assets. It can also name an executor who will carry out your wishes after you die. It’s also important to have a plan in place for minor children and pets, as well as a plan for paying taxes and debts.