Full-Service Probate And Estate Planning Assistance

Understand the nuances of estate administration and probate

On Behalf of | Jul 14, 2022 | Estate Administration & Probate |

Knowing the ins and outs of estate planning can be essential if you are planning for your future. If you have CDs, retirement accounts, or own real estate in Washington, it’s a good idea to set up a plan for how your assets are going to be distributed after your death. Here are some things to keep in mind.

Establish a plan for taxable assets

When considering creating an estate plan, understanding the rules associated with estate administration and probate can be helpful. Many people are surprised to learn that it’s usually better to pass on highly appreciated taxable investment accounts than a traditional IRA. These accounts allow the beneficiary to sell the appreciated asset without incurring capital gains taxes on the amount that’s appreciated.

Transferring a CD when you die

Another rule that’s important to know when planning your estate plan is associated with transferring a CD when you die. A CD is an excellent way to invest your money and receive a modest return in the short and medium term. However, CD providers have different rules regarding what can be done when a CD is inherited. Some require maturity before money can be taken out, and others allow it immediately.

Ease the burdens placed on your family at your death

Planning a funeral can be challenging for your loved ones when you pass away, especially if it’s sudden. An estate plan can also be used to outline your wishes for funeral arrangements. You can also set aside funds for this event, taking the burden off your family.

Estate planning can be an excellent way to let your wishes be known when you die. Making things less complicated creates less stress for your loved ones.