Estate planning is the process that we usually do according to your instruction on how your assets should be distributed. Who they are to go to and when they are to go to them and in what form.
And of course, you must want to do this in a very responsible way. You want to do this in a way that happens quickly, minimizes costs and taxes. Almost everybody has an estate; your estates include your assets. These include, for example: your home, college funds, your bank accounts, your investment accounts, your car, or each of your personal possessions. Estate planning is something that applies to everyone.
Benefits of estate planning
- Provide for yourself and your loved ones in case of disability and incapacity
- Leave what you want, to whom you want, at your death
- Minimizes taxes and avoid unnecessary attorney’s fees and court cost
- Share your hopes and dreams with your loved ones
- Memorialize your legacy
- Support the cause you value most
- Distributes your assets as according to your will for your loved ones
- Tax reliefs
- Designations of charitable gifts
- One of the best benefit is for business owners, It ensures that your business will run as according to your will
- You can provide a big portion of your money directly to the hands of your beneficiaries
If you die without a plan, the government implements one for you.
What happens when a person dies without making an estate plan?
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When a married couple splits without a formal separation agreement or when one of them passes away without creating a will. In most jurisdictions, their assets will go to the surviving spouse. Thus, it can be a major problem to die without creating the will.
Another common problem relates to
When they are entitled to a share, often their shares are paid into courts and the reach to the age of maturity they can become entitled to the full estate.
Liquidators and executors
If you have not mentioned your liquidators and executors it could be a bad deal for the benefits of your heirs.
Difficulties for loved once
Estate planning is helpful for your loved ones to not face hard times, expensive processes, court fees and expenses of attorneys.
Death is a hard topic, and it may seem irrelevant to younger people, but the reality is that we never know when we must leave this world. Estate planning is very important and it’s never too early to plan. It’s good to plan about your estate for the betterment and prosperity of your legal heirs. If you do not want the law to plan for your estate then this is the time to create a YOUR PLAN so, the court can apply that rule on your estate after your death.We believe that each person and family situation is unique. What works for one person, may not work for another. Thus, we offer a free consultation, where we can discuss your goals and help you create a plan to protect your assets and ensure your needs are met. FREE CONSULTATION: TEXT: LAWHELP to 31996.