Get Your Affairs In Order Part 4

Happy New Year! This month I would like to talk about the importance of knowing the state of your estate. Having a list of the assets in your estate and the approximate value is a good thing to do once a year or so. I thought I would bring it up in January while we are all thinking of New Year’s resolutions. Looking at this list can help you make important decisions regarding insurance coverages and  amounts for particular trusts you might have set up and any tax ramifications. 

The biggest asset most people have is their home and it’s important to get a market analysis on your home time to time so that you have a pretty good idea of the approximate value. This will help your financial advisor and insurance agent help you make the best choices and also if you or a spouse should pass away, the other will have an idea of what the step up value will be (though at that point in time you’ll want to get a formal appraisal). That makes a big difference in the amount of taxes you have to pay should you decide to sell. Also, knowing the amount of equity you have in your home might affect decisions If you have ever thought about using that equity for investing.   

Team Faith Lewis can give you a free market analysis at any time, so please feel free to give us a call and just let us know you need a value for estate purposes and we would gladly help you with that. It is good peace of mind. :)