10 Estate Planning Tips to Help You Prepare for the End

Published on: 15 August 2018 Last Updated on: 23 July 2021
Estate Planning


It’s not the easiest thing to talk about, but it’s important. Especially when it comes to deciding what happens to your assets. After all, you spent all your life working hard to build your estate.

On average, only 44% of Americans have their estate settled. Are you one of them?

If not, don’t fret. Read on to discover 10 estate planning tips, so that you’re prepared for when the time comes.

1. Assess Your Estate:

Before you begin legal processions, it is worth your while to take an inventory of your estate.

Start by evaluating your possessions. Tangible objects, like heirlooms, are easy to make note of and won’t be as complex to distribute to a beneficiary. But not every asset is tangible.

Take care to note intangible possessions, such as investments, retirement contributions, or life insurance.

Speaking of life insurance…

2. Get a Life Insurance Policy:

A life insurance policy is a great investment to make, especially if you have a family. In the event of an untimely death, life insurance can replace income for whoever relies on you for financial support. And, investing in life insurance sooner can lower your cost.

If you are looking for a way to add to your estate, life insurance is a safe bet.

3. Find the Right Lawyer to Give You Personalized Estate Planning Tips:

In order to ensure your estate will be properly managed and distributed, you need a reputable estate planning attorney.

An estate planning attorney will draft the documents needed in order to plan your estate, such as wills, and trusts. It’s important to have an attorney on hand because they can provide counsel that you will not be able to find anywhere online.

The attorneys at De Bruin Law Firm note how computer-generated forms and other DIY solutions won’t cut it. Online forms may not be tailored to the local law in your area, and mistakes could actually cost you in the long run. An estate planning attorney will better understand the subtleties involved when it comes to the law and planning your estate.

4. Choose Your Beneficiaries:

Certain types of assets aren’t passed through wills, such as life insurance or retirements accounts. Instead, they’re passed down by a beneficiary designation. Be sure to keep this information up-to-date, or the wrong person may receive the inheritance.

5. Determine Your Executor:

An executor is someone who manages the plans for your estate. This could be anyone from a family member to an attorney. One factor to determine your choice of executor is the nature of your assets.

For smaller estates, a family member could do. For more complex estates, consider an attorney or a corporate trustee.

In any case, the executor should be someone you trust to carry out your wishes.

According to leading legal experts at Faulkner Law, the executioner of the will plays a critical role in ensuring everything is carried out in accordance with the wishes of the individual. You need to choose an executioner that works in an affordable fee range.

6. Plan Your Taxes:

There’s a saying that goes like this: “There are only two certainties in life. Death, and taxes.” In the case of estate taxes, they happen at the same time.

To reduce estate tax liability, transfer assets gradually. This could mean breaking your assets into shares instead of one lump sum, then dispersing them in chunks yearly. By the end of the time frame you allotted for the disbursement, sole ownership will be granted to the designated beneficiary.

7. Write a Will:

A will is a document that determines where your assets will be distributed only after you die.

Wills must go through probate in order for the assets to be distributed to beneficiaries, which can be costly. They’re also subject to public records.

8. Construct a Trust:

A trust is similar to a will in that it is a document that denotes where assets are to be distributed.

The difference, though, is that trusts are effective immediately, and can bypass the probate step.

Trusts also allow you the ability to disburse assets slowly over time, instead of all at once.

Trusts are more flexible than wills when it comes to estate planning, but that doesn’t mean it’s always the best choice. It’s best to discuss your options with your attorney to determine how your assets are to be distributed.

9. Designate Your Power of Attorney:

A power of attorney is someone that manages your affairs in your stead. This is helpful if you are unavailable for signing legal documents because it reduces disruptions in your own life. It’s also beneficial to have a power of attorney because they can manage your estate if you are medically incapacitated.

Because the power of attorney is someone that acts on your own behalf, you should choose someone that you trust.

10. Review Your Estate Plan:

After your documents have been drafted, you might be satisfied with the way your estate will be handled.

For now, that is.

There are many unforeseen circumstances when it comes to life, let alone estate planning. It’s important to keep your paperwork updated in the event of changes so that the correct people inherit what they’re supposed to.

Some things to look out for are our name changes, changes in power of attorney, or if any alternative guardians to minors should be designated. Check-in with your lawyer as instances occur to make the proper updates.

Now What?

Now that you’re aware of a few estate planning tips, you can rest easy knowing that all of your hard work will fall into the right hands: the hands that you chose.

If you’re wanting to increase your estate in the long run, check out these tips that will change your finances for the better.

Read Also:

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *


Pipe Recovery

5 Important Tools For Pipe Recovery Operations

For well lodging and digging you use many types of equipment like drilling tool, lodging tool, measuring tools and more for perfect well. You can attach these tools with a single string or with group o strings and put them down in the wellbore. However, due to some reasons, either the wireline string breaks or the digging tool gets stuck in downhole formations. Does your drilling string often get set stuck inside the well? If so, then use pipe recovery operations to release the string or to make it free from the blocked position. Pipe recovery services use to make the portion of jammed string free from well formations. These services help you in identifying the location of block pipe, to cut the stuck string and finally to bring back the free portion of the pipe from well. If your pipe gets stuck and you wish to release it then, below are some tools that will help to take out the portion of blocked pipe from downhole or well. Free Point Indicator Tool: This tool is used for pipe recovery services to identify the location of stuck pipe in the wellbore. It works by measuring the torque and pressure of wireline in the downhole to identify the location of blockage in the well due to the stuck pipe. You can also use it to judge the stuck point in all type of tube wells, coiled tubes, and well casing. Back Off Tool: Once you are done with a location check of the stuck point of pipe, you might be thinking on the way to release it. There is a back off a tool that helps you to remove the free portion of the string from the well. It works by applying the torque on a stuck portion of wireline and detonate it. Hence the free string gets separated from stuck string and can be pulled up from the wellbore. Chemical Cutter: It is a good tool for the recovery of electric wireline services and is widely used in operations where no need of any torque to pull up the string. It is capable to cut coiled tube, well casing and drill pipe without providing any harm to other portion of pipe or well. These tools are designed to operate in conditions like extreme pressure and temperature which make it best tool for oilfield well. To make a clean cut and not leave any debris in the hole. Radial Cutting Torch: It is lowered down into the well to cut the stuck string. It uses the mixture of powdered metal that a burn with high temperature on ignites and it melts to become molten plasma. This plasma is then ejects through a nozzle onto the target string and cut. Fishing Tool: You can use this tool to release or remove the stuck pipe and any other suspended material from the wellbore. There are many fishing tools available such as spear, overshoot, junk mill and boost basket that help you to recover the stuck string from the well.  A spear is a tool that can fit within the pipe and help to grip the pipe from inside. However, overshoot tool grips the pipe from outside and help to bring it up from the well. Recover the wireline as soon as possible to save the drill time off well. Recovery of the pipe is also a need that protects further damage to the good casing. If you feel that wireline recovery operation is not easy for you then, you may call any pipe recovery service provider. Read Also: Power Drill Safety Tips Guide To Different Types Of Water Flow Meters


What To Look For When Buying A Second-Hand Heavy Industrial Equipment

Shopping for quality equipment, especially when they are heavy construction equipment, can be a bit daunting and time-consuming. While you can spend dollars and dollars on new equipment, buying the used one is often a smart decision. Not only it will work with the cash flow, but it will also reduce downtime, and you will get your equipment with ease. Well, you can invest in new equipment, but this would put an additional burden on your company’s financial shoulders. This is where spending on used cranes for sale is a smart decision that reduces downtime, plus you get upgraded equipment always. If you are in the construction market, there are a few things to look for before spending money on purchasing used equipment: Who Is Selling:                                                    A seller inspection is one of the most important things to consider when buying used construction equipment. So, always look for a reputed seller. Do your homework before hopping to the market or selling the company. For instance, you are going to buy limited access drill rigs, do thorough research, and then buy. You can go online, look at public records, check out the company’s reviews of complaints, customer testimonials, and more to collect seller’s data. Is The Seller Trusted? The credibility and reliability of the seller are important. Probably this is even more important than the price that is being quoted for the heavy machinery Singapore. If you are buying from trusted and well-established names like JCB Singapore, you can rest assured that you are getting the best products that are well looked after and carry an impeccable service record. When you are shopping from a non-trusted seller, thoroughly check the machine and then spend it. To check whether the machine is stolen or not, have an inquiry into the machine from trusted sources. Write down its PIN number and make verification from the police and other trusted sources. If you are unsure about the quality of the product, or the seller looks questionable, a better idea would get new industrial products. For example, if you are looking to buy the best scales for heavy weight, you can directly get in touch with a reputed brand like Arlyn Scales and request the best prices and services. This will give you the utmost peace of mind regarding the quality of the product. What Is Included In The Offer: Some sellers often sell different pieces of equipment individually, so make sure to check that everything you need for the process is included. Also, check if the seller has accurately represented the current condition of the product in the listing. The trust of buying is built on honesty, so if the seller is not honest about what he is selling, you shouldn’t go with the deal. What Are The Device’s Operating Hours And How Old It Is? Different types of machinery have different lifespans, so if any piece or part of the equipment is near its end, it would need more repair work. Frequent repairs can also hamper your overall budget. For instance, you only need an excavator drill, look for its operating hours and then buy. What Is The Type Of Fluids In The Machine? While inspecting the machine, make sure to look for all fluids that will go in the machine. The engine oil, transmission fluid, coolants, hydraulic fluids, and more. If anything looked messed up or dirty, it means the device has not been maintained. Maintenance Records Of The Equipment: You have to be sure about what you are buying. However, you can't rely on the current status of the machine. Instead, you should also know about the equipment’s history. Recheck, whether it has performed well or it had unusual problems that need frequent repairs. Also, ensure, that the machine has been updated or modified. Look for all concerns closely and every issue that alerts you. Run A Test And Check For The Signs Of Wear: For sure, you would want to test run the machine to ensure it's in working condition. This will help you gauge upon applications of the machine and other things. Since you will see the machine running, you might see some signs of wear. While small nut or bolt damages can be repaired, cracks and rust can lead to serious damage. Don’t Forget The Engine Exhausts: If the equipment has an engine, check the engine exhaust, it will give you important clues about the machinery. If the smoke is black, the machine has serious issues with injectors. However, if there’s white smoke, there might have been a problem with the head gasket or compression. Buying second-hand equipment is quite a complicated process, but if you consider the above tips, you would be able to purchase a good machine. Read Also: Construction Safety – What You Didn’t Know! How To Choose The Best Commercial Restaurant Equipment Which Type Of Forklift Your Industry Need: Have A Look At Them!


The ROI Of Proactive Pest Control For Property Management

As a property manager, proactive measures across all operational areas often translate to cost savings and increased value over time. Pest control, while occasionally sidelined in strategic planning, stands out as a domain. There a proactive approach can yield significant returns on investment (ROI). To understand the true value, one must delve into the multifaceted benefits and cost savings linked with proactive pest management. Understanding The True Cost Of Pests Before delving into the benefits of a proactive approach, it's essential to comprehend the full spectrum of costs associated with pest infestations. Beyond the immediate expense of extermination and potential structural repairs, there are indirect costs. They impact a property's bottom line. Operational Disruptions Pest infestations can cause significant disruptions to regular property operations. Whether it's the temporary closure of facilities for treatment or the time spent addressing tenant concerns, these disruptions translate to lost hours and increased operational costs. Legal Liabilities Failing to address pest problems can lead to potential legal ramifications. Tenants have a right to a safe and habitable living environment. If pest infestations infringe upon these rights, property managers might find themselves facing legal claims, further elevating costs. The Tangible Benefits Of Proactivity There are some benefits that are tangible in nature. Lets try to understand them all here. Minimised Structural Damage Pests like termites and rodents can cause considerable structural harm. Proactive pest control helps in early detection, potentially saving thousands in repair costs. Preserved Property Value Properties with a history of significant pest problems can see depreciation in their market value. Regular preventive measures ensure that the asset's value remains uncompromised. Reduced Turnover And Vacancies Tenants prefer properties that are well-maintained and free from pest issues. A proactive stance can lead to higher tenant retention rates and fewer vacancies, ensuring steady revenue streams. Intangible Returns: Beyond The Balance Sheet Other than the tangible ones there are also the intangible returns that the occupants are likely to receive here. . Enhanced Reputation In the age of digital reviews, a single pest-related complaint can severely dent a property's reputation. Proactive pest control aids in avoiding such negative publicity, bolstering the property's image in the market. Tenant Satisfaction And Loyalty The well-being and comfort of occupants directly correlate with their loyalty. By ensuring a pest-free environment, property managers foster trust and satisfaction among tenants. Proactive Measures: A Strategic Investment The efficacy of pest management depends quite an extent on the proactive measures. We discuss a few of them here. Routine Inspections Regularly scheduled inspections are pivotal in proactive pest control. By meticulously examining properties at set intervals, professionals can detect subtle signs of infestations or conditions conducive to pests. This proactive approach can identify potential problem areas, ensuring timely interventions before small issues escalate into significant challenges. Moreover, these inspections provide a documented history of pest activity, enabling property managers to tailor future preventive strategies based on past occurrences. Integrated Pest Management (IPM) IPM is not just a method but a philosophy in pest control. It is a comprehensive  approach that combines preventive measures with eco-friendly treatment options, emphasising the importance of understanding the life cycle of pests and their interaction with the environment. By pin-pointing on long-term mitigation rather than immediate fixes, IPM offers sustainable and cost-effective pest control. This strategy minimises the use of chemicals, reduces the risk of pesticide resistance in pests, and ensures a safer environment for property occupants. Educating Tenants A well-informed tenant is an asset in pest prevention. Informing tenants about best practices, from proper waste management to identifying early signs of infestations, can be invaluable. An educated tenant base often acts as a first line of defence against pests, reporting issues before they magnify. Furthermore, by fostering open communication channels, property managers can build trust with tenants, ensuring collaborative efforts in maintaining a pest-free environment. Utilising Pheromone Traps And Monitoring Stations Pheromone traps, which use synthetic versions of insect hormones to attract and trap pests, can be a crucial part of early detection. By strategically placing these traps around a property, managers can monitor pest activity levels and identify potential issues before they become significant problems. Monitoring stations for pests like termites can provide early warnings, allowing for timely interventions and reducing the need for extensive treatments later. Collaborative Approaches And Community Involvement Property managers need not tackle the pest challenge alone. Engaging the larger community can amplify the benefits of proactive control. Community Education Sessions Organising sessions where experts offer insights about local pest challenges and preventive measures can be invaluable. This not only educates tenants but also fosters a sense of community involvement. Collaborative Buying Pooling resources with neighbouring properties for preventive pest control measures can lead to cost savings for all involved, enhancing ROI for each property. Assessing ROI: The Bigger Picture Quantifying the ROI of proactive pest control isn't merely about direct cost savings. One must consider the combined value of preserved property integrity, sustained tenant satisfaction, and the avoided costs associated with potential infestations. When these elements are accounted for, the ROI of preventive pest management becomes overwhelmingly positive. The Future: Leveraging Technology With advancements in technology, property managers now have tools that can predict potential infestation risks based on various factors, including geography, weather patterns, and property history. Investing in such predictive technologies can further enhance the ROI by ensuring timely interventions, often before a problem manifests visibly. Concluding Thoughts The realm of property management is rife with challenges, and pests, albeit small, can lead to monumental problems. However, with a proactive approach to pest control, managers can not only mitigate risks but also realise substantial returns on their investments. By reframing pest control from an occasional necessity to a strategic investment, properties can enjoy both tangible and intangible benefits. In the end, the ROI of proactive pest control underscores its indispensability in the modern property management toolkit. Read Also: Beginners Guide To Choosing The Right Property 7 Tips To Purchase A Prime Real Estate Property