Many people neglect estate planning because it's uncomfortable to think about what will happen to their assets after they pass away. However, it’s important not to neglect this task, especially if you have a family. It will help your heirs distribute your property and pay less in taxes, court costs, and other fees. The team at Bergamo Tax & Financial Solutions, a CPA firm located in Watertown, CT, discusses what you need to know about estate planning.
Although the term makes it sound like it’s only for the wealthy, everyone who has assets, including personal belongings, bank accounts, and property, should take the time to write an estate plan. This process consists of filling out legal documents that spell out your final wishes after you pass away. A will dictates who receives your assets and is an important part of estate planning. An estate attorney or certified public accountant can help guide you through this process.
If you don't have an estate plan when you pass away, the state makes the decisions on your behalf in a process called probate. Probate litigation distributes your assets, but the process can last up to three years depending on the size of your estate. Although each state has different laws, your spouse and children are generally chosen first to inherit your property. While states attempt to accommodate the wishes of most people, it's best to create a plan yourself to ensure your loved ones avoid the time-consuming probate process.
The team at Bergamo Tax & Financial Solutions provides a wide range of professional estate planning and accounting services to their clients. They will ensure you account for each portion of your estate in your plan and are known for their cost-effective services and friendly staff. Give them a call at (860) 274-1655 to speak to an accountant. You can also visit them online to learn more.