For anyone that owns anything tangible, from properties and businesses to a single family home, estate planning in RI is an important consideration. By proactively planning for how you want your estate to be handled when you die you are ensuring that things will be done by your wishes and in the ways that you feel are best for your family.
Although statistics vary from year to year, it is a good estimate that just over half, about 55%, of all adults in the United States that die in a year do not have will in place. This means that their assets are left without any designation, often causing family conflict, costly court battles and tying up the estate in court for years. By doing some simple estate planning in RI, including writing a will, you can ensure that your estate goes to who you want in the way that you want.
Planning Outside of a Will
Estate planning in RI can include planning in advance of your death. For people that have a concern about a physical health issue or a mental health issue that may make them incapable of living on their own a living will or what is known as a durable power of attorney can allow you to designate how you want your care to be managed.
Picking Your Executors
Estate planning and developing a will allows you to choose people that you trust to carry out your last wishes. These people, known as trustees or executors, will finalize your estate and supervise the distribution of assets according to your wishes.
Charitable Giving
For many people a key aspect of estate planning in RI is to designate specific amounts of funds or assets of the estate to be gifted to charities or organizations of their choice. Professionals that handle estate planning in RI can help you to set up these types of accounts to limit any tax burden. This means that you can actually set up these accounts and save your taxes while also planning to give to a charity, non-profit organization or specific group of your choice.
It is never too early to start estate planning in RI. Work with your accountant and financial planner to develop a strategy that you are comfortable with and meets your needs.
Let us help with your estate planning in RI. To know more about our services Contact Fradin & Company Ltd.
