Understanding the importance of estate planning
Written By: Kim Toskovich, CPA, CGA, CFP, TEP, Partner, Grant Thornton, LLP
Many of us have experienced the devastating loss of a loved one, and we know that our responsibilities often don’t end at the time of their death. In most cases, we rely on family members, friends or caregivers to act on our behalf as executor. While this can be an onerous task, planning is valuable, including reviewing and planning for the transition of the ownership of your assets and considering the related tax consequences.
As the executor of an estate, the main responsibility is to“find and gather” all the deceased’s assets and manage the distribution process amongst the beneficiaries Of course, this is easier to accomplish if there is documentation to follow.