When you have amassed a sizable estate in your life, you want to plan for what will happen for it after you are gone. You do not want the state to lay claim to it and sell it off to random strangers. You would prefer to know that it was distributed according to your specifications.
When meeting with an estate planning attorney in Rockford, IL, clients have the opportunity to dictate what their wishes are years before they actually pass away. You can maximize your own estate planning experience by keeping some vital tips in mind during the process.
Plan for Paying Your Taxes
After talking with an estate planning attorney in Rockford, IL, residents are often surprised to learn that their tax obligations do not end once they die. In fact, both the state and federal government require you to finalize a way for you to pay your taxes during the year that you actually pass away.
Even if you die early in the year, you will still have to plan for your estate filing taxes for the current year as well as the following year by mid-April. You can set aside money in your estate now for settling any taxes that you owe after your death. Your attorney can file your returns and pay what you owe to the IRS and state treasurer department.
Naming an Executor
You also need to name someone to execute your will after you die. Some people choose a trusted relative or friend.
Others prefer to have their estate planning lawyer execute their final will after they pass away. If you do not name an executor, the probate court will name one for you.
These tips are a few to remember when you plan out your estate. You can learn more by contacting the Crosby Law Firm at our website.
