Estate planning is standout amongst the essential steps any individual can take to ensure that their property and health care wishes are respected, and that friends and family are accommodated in their nonattendance. Although it can be a complex and intimidating task, hiring an attorney or a tax advisor can make a huge difference. Nowadays estate planning is not limited to the elite class of the society; any grown up individual can have an estate plan. Estate planning firms pay attention to the special needs and concerns of their clients. If you follow a proper legal process, your assets can safely be passed on to your children and other family members of your choice.
Making a will
A proper estate plan begins with a will that provides instructions. It is a legal document that directs the decedent’s plans for burial and to whom he or she wishes to pass on the property and money. It is a legal procedure under the watch of a judge, which would allow the transfer of money and properties to the beneficiary’s account. This legal process is known as probate.
Revocable living trusts
A revocable living trust is another popular estate planning tool, which most people use to avoid the probate period. Living trusts are revocable as they can be subjected to changes in case of a change in circumstances. While legal processes like probate can be expensive and time-consuming as it is a court-supervised process, properties left through a revocable living trust can be directly passed on to the beneficiaries without probate. A revocable living trust can be more expensive than a will. However, unlike a will, it won’t have to die with the owner. A living trust allows you to reduce the chance of a court dispute over your estate, thereby keeping your document private after death.
Best time to plan
None of us really know when death may strike, so many people get caught off-guard and are under-prepared. So, instead of waiting for a proper time, plan your estate now! If you have made a plan, then you’ll be able to change it later. This is why estate planning is done, and trusts are preferred over wills.
An estate planning is not always expensive
In case you think that you won’t be able to afford a complex, expensive estate plan, then there are simple plans like life insurance, leaving an inheritance for children and health care decisions. An estate attorney is a trained professional in this field and will be there to guide you. You can also seek help from a good attorney in the legal processes and ensure that your rights are protected.
Peace of mind
Finally, the most important benefit of getting your estate plan done is complete peace of mind. When you know that you have a foolproof plan in place that will protect your family against all odds, it will give you a total satisfaction. This is one of the most thoughtful and selfless thing that you can do for people you care.