Wealth transfer has become an important issue for many families today. Don't fall prey to misconceptions about whether people with average-sized estates should worry about detailed estate planning. The fact is, most families should plan for the eventual transfer of their assets , regardless of any tax or legal consequences.
Estate planning can seem complicated, but the concept is fairly simple.
The greatest challenge is deciding exactly what you want to accomplish with your estate. A carefully drafted will allows you to specify who will receive your property when you die. Your heirs could lose a sizable chunk of your estate to settlement costs. You can reduce estate shrinkage through trusts, gifts and other options. If money is not readily available to pay final expenses, your assets may have to be sold, perhaps at bargain prices.