If you're making the Last Will there are 4 things that you
should think about.
1.
Who do I want to leave my property to after I
pass away?
2.
Who's the person that I want to appoint to take
care of all of my property and affairs after I die?
3.
You need to think about any responsibilities you
have to your loved ones to care for them after you die. Think children, think
elderly parents.
4.
Once you put your mind to all of that, you'll
get in contact with the lawyer and the lawyer will help you write your last
will.
There are 3 basic ways in which most simple Estates may be
required to pay taxes.
1.
If all or part of your state is being submitted
to Probate, you'll need to pay what's called an Estate Administration Tax on
that portion.
2.
If you have to sell property or shares in a
corporation, your state may need to pay Capital Gains Tax on the proceeds from
the sale of that property.
3.
Lastly your Estate will need to file a tax
return for the year in which you die until your Estate is wrapped up and all of
the money is paid out.
