When it comes to estate planning, a good plan set in place before you reach the point when you can no longer take care of it will bring great peace of mind. If your property has worth beyond the monetary value, especially your house or land, you may want to weigh your options. While researching the facts ahead of time is one way of ensuring the security of your home and property, hiring a competent professional to guide you is more advisable.
When considering your first steps, asking yourself if you own an heirloom or an asset is a good place to begin. If keeping your land in the family is a detail that speaks to you, you will not want to sell it or give it to charity. You will want to make sure that the documentation is in order to accomplish this endeavor. An expert in this area will help you with the financial and tax benefits and drawbacks.
Enlisting those whom you trust is invaluable and getting their recommendations is worth your effort. Once you have decided to talk to a professional, you will want to select a person who has experience in the particular area that you are interested in. Someone who has a wide knowledge base of family planning, land assets and who knows the laws in your state and local area can become a priceless asset.
Another aspect of this planning phase is getting your family involved. If they aren’t going to carry through with your wishes, then your planning has been in vain. If your family isn’t connected to you or your land or property, it can lead to problems later. Getting your family involved could be as simple as walking the property, fishing on the pond you own or asking them for help in tending it.
If you find yourself questioning whether your estate will be taken care of when you are gone, you may want to contact a qualified individual who can guide you through the often perplexing arena of estate planning.
Source: Seaside Courier, “Things to consider when estate planning” No author given, Apr. 06, 2014
