Estate Planning Basics: The Will
Estate Planning includes organizing properties and not just putting them in a simple Will. It also lessens the taxes and fees that may possibly be charged to these properties. Estate Planning also includes contingency preparation to ensure that one’s wishes regarding health care and medications will be followed.
An estate plan may be described as good if it financially coordinates with the future of the home, business, investments, insurance and other benefits when the person passes away. A good estate plan also sets directions to bring about personal wishes regarding health care in preparation for the when the person becomes disabled.
It is very important to identify the real definition of the term “estate” before someone can really perform estate planning. Estate means all the properties a person owns or controls. This is regardless whether if the property is solely named after him or is in managed in a partnership. This may include real properties, accounts, bonds and stocks, cash, buildings and establishments, jewelry, collections, all types of businesses and even retirement benefits.
Typically, those who really need to have an estate plan are parents who have minor children, people who have valuable properties or have sentimental values for them, and people who are concerned about their health care. However, people can still acquire an estate plan whether they fall into these categories or not; an estate plan can benefit nearly everyone.
Estate Plans may include wills, power of attorneys, advance health care directives, living trusts and other documents. When creating an estate plan, it is very important to make use of the services of a lawyer. Lawyers are the only certified people who practice these fields. They are also the only ones who can supply a person with all the legal requirements and advice needed in the estate plan. An attorney will be able to answer legal questions regarding the estate and they will also be able prepare the person on the cost of the estate plan.
Estate Planning involves sensitive decisions and legal matters. It is important that before a person will enter into estate planning, he should already have a strong understanding of the process so that things will not be difficult for those who will be left behind.
If you have any questions or concerns about Estate Planning Basics or your particular situation, please call me today so that together we can put those issues to rest.