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Choosing your heirs is no easy task

One of the most difficult parts of estate planning is discussing and choosing your heirs. This is the person or people who will receive your assets upon your death.

For some, this is a simple decision. For example, they have one child to whom all their assets will be left. Others, however, are faced with more challenges when attempting to make a decision.

If you are faced with this task and unsure of what to do next, you don't want to rush the decision. This may not impact you directly, since you will have passed on, but it doesn't mean you want to rush through the process.

Here are some of the most important questions to ask and answer when choosing your heirs:

-- Are you going to leave all your assets to family, or will you consider leaving some behind to charity?

-- Do you plan on equally dividing your assets among your heirs, or will one person receive more (or less) than the others?

-- What steps can you take now to minimize the tax your heirs will pay upon your death?

-- What process will you take to tell your heirs about your plan?

By answering these types of questions, you will find yourself with a better idea of what goes into choosing your heirs and how to make the process as stress free as possible.

Even though you may face challenges along the way, you don't want to put this decision off. You need to choose your heirs while creating your estate plan, as this will determine who receives your assets upon your death.

Source: Forbes, "Estate Planning 101: Picking Your Heirs," Larry Light, accessed June 17, 2015

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