Understanding Estate Planning tools with Ed Lloyd & Associates PLLC

Everyone plans to provide financial security to their loved ones. At the end of the day, real estate is probably the best sector to invest in when one wants long term benefits. Most people mistakenly think that real estate plans are only for the rich and famous. But financial advisers from Ed Lloyd & Associates PLLC have something more to tell you on the subject. Before delving further into the concept of real estate planning, it’s important to understand the basics about it.

In simple terms, real estate planning is making sure that your loved ones are safe, comfortable and lead a certain standard of living even if you are not there tomorrow. There are various aspects of this planning but the main revolves around controlling the way your assets are dispersed. Ed Lloyd & Associates PLLC  has experienced professionals on the panel who help you understand the legal formalities and documentation required on the distribution of your assets. It is important to understand that these rules vary for every state.

Ed Lloyd & Associates PLLC  further inform that this planning can be done by keeping various agreements in mind. Some common ones include ownership agreements that make property transfers easy. For instance, what happens in case you and your only child are joint tenants under the agreement of survivor ship on a bank account, your child automatically gets the account in his or her name.

Then come beneficiary designations. For any of your financial accounts you have, it can have one or more beneficiaries who are going to inherit the assets if you die. Another aspect of Estate Planning is that of mutual funds and investments. There are accounts like Mutual fund and investments where there are accounts like TOD and POD, transfer-on-death and payable-on-death respectively that are great tools for Estate Planning.

Another important term you will stumble upon in Estate planning is a revocable living trust which is legal agreement that clarifies how your assets in the trust are to be distributed and managed during your lifetime.

To know more on how to handle your finances after your spouse’s death, read – Handling Finances after Spouse’s Death— A Word of Advice by Ed Lloyd & Associates


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