Estate planning refers to the legal and financial preparations you make to ensure that your assets are distributed as you wish after your death. The Estate Planning process involves both making decisions about how your assets will be distributed after your death and taking legal steps to protect those assets in case something happens before your death.
Estate planning refers to the legal and financial preparations you make to ensure that your assets are distributed as you wish after your death.
The Estate Planning process involves both making decisions about how your assets will be distributed after your death and taking legal steps to protect those assets in case something happens before your death.
Estate planning can seem like an unnecessary inconvenience when you’re young, but it’s very important—particularly if you have dependents or own a business.
Here are three things to consider as part of an estate plan so that everything goes smoothly once you die.
Estate Planning Basics:
Estate planning has nothing to do with your physical estate.
But estate planning refers to the process of determining how your assets are distributed after your death.
This includes Wills, Trusts, Powers of Attorney, Living Wills, and Medical Directives.
These tools help ensure that your wishes are carried out after you’re gone.
Once these plans are in place, it’s up to you (and whomever else) to make sure they’re followed.
How will you know if they’re being executed properly? By making a concerted effort to avoid any confusion when you make financial decisions throughout your life.
For example, don’t keep money in joint accounts or tell someone, I want my kids to have everything when I die.
Understanding Estate Planning:
Estate planning refers to legal methods by which you can distribute your assets after your death.
This can include writing a will or trust or setting up a family limited partnership (FLP) or charitable lead trust.
Several types of estate planning can be utilized depending on your specific circumstances.
The most common reasons for establishing an estate plan include avoiding probate, providing specific instructions for assets going to beneficiaries, and shielding assets from potential creditors.
Certain estate planning techniques provide other benefits such as reducing estate taxes or increasing financial flexibility through life events such as marriage.
Many individuals seek advice on how to start an estate plan with their attorney during midlife or retirement when there may be increased concerns about asset distribution in case of incapacity or death, changes in marital status, and long-term care issues.
Final Thoughts
When it comes to estate planning, it's important that you have a well-rounded picture of what estate planning entails.
Are you prepared for passing away? Do you know what your family will face in terms of paperwork and legal matters if you're no longer around to help out? While these questions may be uncomfortable to think about, they're important.
Estate planning can protect your interests while also making things easier on those left behind after your death.
Although some people tend to put off creating an estate plan, doing so could prove costly.
The sooner you take action, the sooner you'll receive peace of mind knowing that someone will manage any assets you have left behind when you die, as well as make sure certain wishes are followed after
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