Share:

No one likes to contemplate their own passing. And yet, without having an estate plan in place, your assets will be distributed according to state law, rather than your own wishes, and the subsequent legal proceedings can draw out an already-painful process for your loved ones. Give yourself—and them—peace of mind by discussing the future with a certified public accountant and an attorney. 

Why Is Proper Estate Planning So Crucial?

While state intestate laws strive to be as fair to your remaining family members as possible, they will divide property that is not included in a will according to the closeness of your blood or familial relationship, rather than your bond. For example, the friend you play chess with every week and who is godfather to your children will get nothing, while a brother you don’t speak to may inherit a significant portion of your estate.

Additionally, if you have created a will in the past, but have failed to update it, it could leave some loved ones out of the loop—especially if you’ve remarried, divorced, or had children in the meantime. Lastly, lack of planning can also increase taxes on your estate, which your heirs would have to deal with after receiving assets.

Why Should I Seek Out Professional Assistance?

certified public accountantIt is possible to create wills and other estate planning documents on your own. However, any mistakes made could invalidate the will, so the assets end up divided by the court anyway. While an attorney can help make sure your intentions are legally binding, a certified public accountant can use their extensive knowledge of tax laws to help minimize the tax burden you pass on. For example, you might want to gift your relatives some money during your life. Not only will this allow you to see the funds used in a positive way, but it also reduces what may be owed later. In other circumstances, individuals put their property into a trust, which they bestow upon an heir, with provisions specifying their right to continue living there. 

 

If you have estate planning questions in Checotah, OK, turn to Joe Heard, CPA. As a certified public accountant, he advises clients on financial issues surrounding their estates. He’ll help you make the most of estate planning tools, such as trusts and charitable giving. He also offers tax services suited to both individuals as well as business owners. Call (918) 473-1492 today to schedule a consultation. You can also learn more about this certified public accountant by visiting his website

tracking