Estate Planning can decrease expenses

Like so many things in life, leaving loose ends when it comes to your estate planning can lead to failure to achieve the desired end result—more money left to your family, friends or choice charities. It can cost your estate dearly, and sometimes no amount of time or money can rectify the problems left by half-hearted efforts. Here are some steps you can take to minimize your future estate costs. And if your estate attorney never discussed these topics, it might be time for a legal checkup or a second opinion. 1. Update your beneficiaries. At the time of your death, a lot of your estate may not pass by your will. With retirement plans, life insurance and transfer on death (TOD) accounts, you can name a beneficiary to receive these accounts once you pass away.

Read more: http://www.kiplinger.com/article/taxes/T021-C032-S015-5-simple-steps-to-decrease-your-estate-costs.html