The Basics Of Estate Planning Explained

Just as much as one devote so much time on investing and securing one’s finances, it makes sense to take time deciding who will inherit one’s estate. All good estate plans cover key life decisions, whether it’s about what will happen to one’s properties or who will manage one’s finances and health care choices when one is unable to do so for themselves. 

Image source: Pixabay.com

A proper estate plan is not as difficult or costly to create. In creating it, one needs to ask a number of questions, including “What are my assets and what is their approximate value? Whom do I want to receive those assets and when? Who should manage those assets if I cannot while I live and after I die? Who should make decisions on my behalf or take care of my minor children if I am unable to?” Once one has the answers to these questions, it’s time to seek the services of a qualified lawyer who can advise on matters such as taxes, title to assets, as well as estate management. 

Estate planning is important regardless of the size of the estate. It’s a must to know that if one fails to plan ahead, a judge will appoint someone to handle those assets and personal care, distributing the assets to heirs according to intestate succession. The most common estate planning document is a will, which lets one direct how asset should be administered, to whom, and who should manage them in case of death. 

When one dies (whether there’s a will or not), one’s estate could undergo probate, which manages, settles, and distributes property according to the terms of the will or intestate law. If one dies without a will, it’s dying intestate, where the estate is then distributed according to the intestate laws of the state of residence.

Image source: Pixabay.com 
Attorney Daniel E. DeKoter specializes in civil litigation, business and employment law, and estate planning and administration. For similar reads, click here.

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