The death of Queen Elizabeth had every news channel covering every aspect of it. One thing that stood out from the whole thing that made the queen’s death and burial somewhat different is that she had planned out everything beforehand, including choosing the minister for her burial.
Besides this planning, there was also the transfer of royal wealth to King Charles III, for which she was a custodian without losing any of its value through tax. You can borrow several things from the queen’s life and death regarding estate planning. This guide highlights some of them.
Privacy
Owing to her position as queen, the queen may have enjoyed quite a bit of privacy because English law has these provisions for the royal family. When an ordinary citizen has a will, the will has to go through court administration.
In America, this process is known as probate, which can be expensive, and you have to bring everything to the public eye. However, not all estate plans have to go through probate. So, if you want to enjoy privacy like royalty, you can. All you need to do is create a revocable trust and move all your assets there.
At the end of the trust’s lifetime, the property changes ownership to the named beneficiaries without going through probate. Also, the assets may not be subject to property tax imposed on assets upon transfers between persons.
Personal Property Lists
While the queen’s will and estate plan details remain private for legal reasons, a few facts reached the public domain. For example, reports indicated that she left specific items that she loved dearly for specific people.
Such gestures leave a lasting impression on the recipient because they know they have or had a special place in the heart of the loved one. Most state laws allow for lines or paragraphs in an estate plan designating specific items of sentimental value to specific people.
Generational Trusts and Tax Planning
King Charles III inherited the Duchy of Lancaster intact because it was not subject to inheritance taxes, mainly because his stature as king exempted him from such taxation. But you do not have to be royalty to transfer wealth through generation without having it lose its value through taxation.
All you need is to create a dynasty trust. A dynasty trust is an irrevocable trust spanning through generations. Once grantors transfer their assets to a dynasty trust, the terms of its administration are not changeable.
As such, it enjoys significant tax breaks, ensuring the wealth stays through the family for generations. Also, a trust’s assets from creditors or lawsuits against beneficiaries,
Funeral Planning
The queen planned everything concerning her funeral, including the flower arrangements, burial site, ministers, music, procession, and readings. You can do the same as part of your estate planning, detailing your preferences and meeting up with people you want to play roles at your funeral.
In addition to what you have in writing as part of your estate plan, you can talk to your family members about it so they can seek clarification.
“Funeral plans are adaptable. So even when circumstances change, for example, the designated minister passes on before you, you can always go back and modify your plans to reflect the current situation,” says Estate planning lawyer Tim Sechler of Sechler Law Firm, LLC.
Funeral planning is not for everyone, so if you are not at peace with the idea of dying, you can wait until you feel well prepared for it.
