Vince Iannello Discusses Factors People Often Overlook During Estate Planning

Check out this must-known advice for estate planning from Vince Iannello

For many, estate planning is essential for ensuring their family’s future and safeguarding their wealth. Unfortunately, many folks put off estate planning, and it’s not hard to figure out why. Many people simply don’t want to think about death. That said, it’s important for those planning their future to get their affairs in order. 

Financial expert Vince Iannello covers some of the most commonly overlooked aspects of estate planning.

“The biggest mistake many people make is not planning well ahead of time. Unfortunately, unexpected deaths are common, so you’ll want to get your affairs in order as soon as you can.”

Of course, even when people are planning, they may still end up overlooking certain aspects. This could cause confusion and other issues later on and may exacerbate family relations. So not only is estate planning needed, but it’s also important to make sure that all their bases are covered.

For example, if someone loaned a family member some money and that loved one never paid it back, questions often come up as to how to manage the situation. Parents can choose to forgive the loan and not let it affect the distribution of wealth. Or, they could opt for the loan to be repaid with a portion of the inheritance, which could result in other parties inheriting more. Whatever the decision made, it’s important to make it clear, Vince Iannello notes.

“You may have to make some tough decisions during the estate planning process, I recommend that you first talk things through with a financial expert or a lawyer who focuses on estate planning. Then, you can talk with your family.”

Vince Iannello Talks Divvying Up Properties

Besides money, an individual’s family will likely be inheriting property. Sometimes, families are spread across the country, which can make it difficult to divvy up physical assets. If some of the goods need to be shipped, the estate manager should consider shipping costs beforehand. Questions like ‘Should the funds come out of the estate,’ or ‘should the inheritor pay for it’ should be clearly addressed beforehand. Again, make the decision clear to all parties.

On the flip side, family leaders also want to consider digital assets, such as a Facebook account, websites, and documents. It’s wise to provide family members with login information if the wish is for them to access the individual’s electronic assets.

“If you don’t provide the login information for your social media profiles, electronic devices, and whatever else, your family may find themselves unable to access it. Of course, if you don’t want them to access the stuff, that’s fine. Just make sure you consider your options and the ramifications of your decision.”

Vince Iannello Says Wills and Other Documents Should Be “Living”

Another common mistake people make is updating their will and other documents. A person’s will may have been perfect ten years ago when it was first written. Now, however, it may be out of date. If the person has acquired new properties or opened different financial accounts, they’ll want to amend their will to account for them.

“In a certain sense, a will isn’t finished until it’s fully executed,” Vince Iannello explained. “You’ll want to treat your will and estate as living assets that evolve to cope with changing circumstances.”

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