5 Emerging Trends in Estate Planning
Estate planning is a pertinent factor to take into consideration for the disposition of an estate upon the death of the owner. Because of the unpredictability of beneficiaries and estate laws across states, it is necessary for each person to plan their estate so as to forestall any unwanted issues relating to its disposition upon their death. These trends will be discussed below.
General Note: nobody can say with certainty when they will die. You can just walk out of your house to go to the gym and a car will knock you down, thus ending your life. Or you can die in your sleep. This list is endless. So, because of the unpredictability of the human condition, everyone needs to create estate plans to secure their estate. These means are listed below.
Create a Lifetime Gift
Estate holders can easily create lifetime gifts of material possessions and landed properties to their intended beneficiaries to enjoy same before their death. Once done, these gifts will not be subject to probate and its accompanying estate taxes since the title in the properties involved had already passed to its intended beneficiaries and so does not form part of the estate to admitted into probate for disposition and federal taxing purposes. And you will also have the satisfaction that you passed on a particular gift to the person you want to pass it on to and they can even enjoy it while you are still alive.
Create a plan for your Digital Assets (if you have one)
Holders of “Digital Assets” now create a plan for it. Currently, assets exist both in the physical and digital sphere. Bitcoin wallets (alongside other emerging cryptocurrencies), e-money wallets, online stock accounts, money-making blog and website accounts with their corresponding payment systems and passwords, Paypal accounts, Skrill and Neteller accounts, are simply some out of the huge species of Digital Assets that float around on the Internet. And these can be potentially worth thousands－if not millions－of dollars. In planning estates, holders of such assets can create a document which harmonizes the details of all these accounts in one place and then possibly put such document under the care of a trusted attorney so that potential beneficiaries can access them when the need arises.
Create Letters of Instruction
Although estates originally involved the creation of wills and the inclusion of every conceivable item to be handled as it pertains to a person’s estate, a new current mode is fast encroaching on wills. Clients can now create letters of instruction and leave them with their attorneys. This simplifies inheritance instructions more easily as estate holders can use this to outline the mode the person to dispose of their property will have to follow, put together a list of all assets (whether tangible or intangible), and possibly add in any detail and instructions he wishes for the executioners to follow in managing the estate. Holders can even include personal messages to friends and family.
Create an Estate Dynasty Trust
Estate dynasty trusts is another way of easily securing an estate. This can be created in order to pass wealth from generation to generation without incurring transfers taxes like gift and estate tax. This can potentially last for more than a hundred years. Usually, it is rich people who have a lot of assets that plan their estate in this way to protect their accumulated wealth from being used wastefully by wasteful dependents.
Estate planning serves as a means for people to hand down their legacies to their beneficiaries and also to possibly cut down the costs of estate taxes on their estate. Taking note of emerging trends and regulatory changes aids in accomplishing such an objective. Plus, you will be content that should anything happen to you, your assets are protected and will be used in the way you want them to be used.
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Kingsley Ugocukwu Ani Esq. is a legal practitioner, blogger, corporate branding expert, and seasoned Intellectual Property expert living and working in Lagos, Nigeria. You can contact him via email@example.com or on Linkedin, Facebook, and connect with him on Twitter. He is also a freelance writer and copyeditor. If you need his services, you can use any of the links to connect with him to discuss your needs.
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