Proper estate planning allows you to plan for yourself and your loved ones without giving up control of your affairs. It should give what you own to whom you want to receive it, the way you want them to receive it, and when you want them to receive it. Your estate is everything you own in your name and your share of anything you own with other people.
The actual value of your estate is computed only after you die - when you are not around to figure it out. Realistically, you need to know what it adds up to because the value determines whether any death taxes will be due, whether there's enough money to pay the taxes and other expenses, and whether there will be anything to leave your heirs. If you own your home, have invested money, are in a pension plan, and own life insurance policies, the value of your estate is apt to be greater than you think.
A properly designed estate plan can:
- Provide instructions for your care and that of your loved ones in the event of your disability
- Be effective if you move to or own property in another state
- Keep your affairs private and confidential
- Control all your property, including pensions and life insurance
- Create trusts to protect young children, disadvantaged children, and grandchildren
- Provide federal estate tax planning
- Provide for estate administration upon your death
Creating an Estate Plan is easy with the help of German American Trust Services!