Estate planning is the process of allocating properties or funds to beneficiaries as the owner of the assets anticipates death.It is usually made by the individual and his family. Some people may find making an estate plan unnecessary and may consider it as an extra burden.Little do they know that having one is beneficial not only to them but also to their families and loved ones.
For you to properly make an estate plan, you can ask for the help of an estate attorney or a trust lawyer from a reputable and trusted law firms.
How can you benefit from an estate plan?
CONTROL OF YOUR PROPERTY
If you have an estate plan, you gain more control over your properties and funds under all circumstances.It doesn’t matter if you are still young or healthy enough and still financially capable. Making an estate plan is not just for the wealthy people.It covers your house, car, business, money and all other types of asset.Everything that you own.Hence, having one is also beneficial to the average or common people.
Also, in case you get disabled, a person of whom you designated according to your choice will take charge.Without a plan, the court is the one that will decide as to who is going to take over.The same procedure when it comes to a guardian for your minor children.
HELPS SAVE TIME AND MONEY
Estate planning prevents the occurrence of conflicts among your family members and further court procedures in the event that something happens to you.Appearing in court would mean paying professional fees and other applicable charges.It may also require state taxes.And so having an estate plan will help your loved ones save their time, effort and money.
DISTRIBUTION OF YOUR PROPERTY ACCORDING TO YOUR WILL
In an estate plan, you will have the chance to divide your properties and indicate which and when is going to who according to your decision.In the absence of a will, your assets will be distributed to your family members according to the state laws.
An estate plan would mean financial security for your spouse and children through your life insurance.With this, you will be assured that your family will be able to cope up with the standard cost of living even when you are already gone.
All parents are aiming to give the best things in the world to their kids as well as to provide them with a bright and secure future.But life is really out of our hands, and sad as it may seem, it can come to an end anytime without us knowing.So as a parent, you need to prepare yourself as early as you can.Protect your children’s future the best way that you can do.
Some may not even consider the thought of writing a will.It may also be overwhelming for some people.But in reality, making an estate plan is the best thing that you can do to ensure that your children’s future is secured should anything happen to you.Another thing if you have minor children, is the presence of a guardian that you could entrust your kids with.You can start your estate planning through the help of an attorney. They have competent lawyers that can help and guide you with this endeavour.
Here are some tips on how to start creating an estate plan.
A guardian is someone who can look after your kids in case something happen to you.You can indicate his or her name as you write a will.Consider someone who is trustworthy enough and someone you are sure that could love and take care of your kids as much as you do.
A revocable living trust is usually the one being utilized.You will have to designate a trustee who will then have the right the manage your funds and properties upon your death.He or she will make sure that the needs of your minor children like education, medical, and other necessities are all taken care of.You will also have to indicate at what legal age your children can take over your properties. In a revocable living trust, you will still have the full authority over your assets while you are still living and you can revoke the trust anytime you want if you decide to.
DURABLE POWER OF ATTORNEY
The presence of a Durable Power of Attorney will be very helpful in case you get incapacitated.The person that you designate can make decisions regarding medical and financial on your behalf.
Make sure that the designated beneficiaries to your insurances, financial accounts and other assets that require a beneficiary are all updated.