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When you're capable and sound, having a good estate plan ensures your tomorrow is as you envisioned it. It makes it known who will handle your assets when that time comes. Estate Planning is a complicated and overwhelming process. Thus, hiring investment management services will come in handy.
The process is daunting and time-consuming, but you need to face it. We've created a simple guide to help you understand how to meander through this process seamlessly.
The standard Estate Planning definition is "the process of choosing your estate beneficiary to handle your assets when you're incapacitated or after your death." In this context, "estate" means the assets you own. The planning process has been around for decades, but it has become more prevalent.
Your estate assets include all of your properties, including:
Once you know what makes up your assets, you can begin the process. Since the process is complex, you can search for an Estate Planning attorney near me to get professional help.
When most people hear of Estate Planning, they think it's a process only for the rich, but that's far from the truth. Everyone needs an estate plan. You can be better off by planning a little more for your future.
Estate Planning can be done by anyone, whether you're elderly or wealthy, regardless of the amount of money in your bank account. As long as you're 18, you can start creating a plan.
The estate plan communicates your wishes and speaks for you. It also prevents your loved ones from making unintended decisions.
Estate Planning is a process that consists of several documents. Altogether, these documents form a powerful representation of your wishes. They include:
It's a legal representation of your last wishes, expressing how your properties and other assets should be distributed.
This is a document that gives rights to a third party to handle your non-medical or non-health affairs. The document is effective even if you become incapacitated.
The legal document allows the Grantor, Trustor, or Settlor to give trustee rights to hold assets on behalf of the beneficiary.
A healthcare directive is sometimes referred to as a Medical Power of Attorney or a Living Will. This is because the document directly states the medical actions that should be taken if you become incapacitated.
The document states who you want to take care of your progenies after your death. Instructions for guardianships are also included in your Will.
Writing a will and estate planning go hand in hand, but they are entirely different. A Will dictates the distribution of your assets when you die and the guardian of your children. On the other hand, Estate Planning is a broader plan of your assets that may apply when you're alive or after your death.
Working with Professionals for your Estate Planning
Given the number of considerations when creating an estate plan and the complexity of the process, it's essential to get professional help. Premier is among the leading investment management firms with competent employees and incredible knowledge in estate planning and asset allocations.
The prime purpose of Estate Planning is to ensure you choose your beneficiaries. It also puts the right people in charge of your assets.
Most people believe that having a Will makes Estate Planning complete. But there is more to that. A good plan should protect your assets, avoid probate and save on estate taxes. The plan consists of crucial components, which include:
A successful estate plan is more than having a trust if rafting a will. The plan also consists of provisions that allow family members to control or access your property and assets if you become incapable of doing so. And without proper documents and planning, probate court might lead to an unplanned distribution of assets.
Estate Planning or Will is a significant aspect of inheritance law in the U.S but not compulsory. But it ensures your future wishes get fulfilled. It also prevents family wrangles when you're no more or cannot manage your assets.