Daniel E. DeKoter

Image source: manulife.com.ph Estate planning is most often equated to writing a will. Given the nature of the document, many people think that estate planning is simply for people who are nearing their death. This is a very common misconception. Although estate planning is certainly suitable for people who are dying due to old age or sickness, candidates for estate planning are not limited to those persons alone. In fact, any major lifestyle change should always be followed by estate planning. These lifestyle changes include having children, getting married, or inheriting. Image source: thebalance.com Another misconception regarding estate planning is that the only legal document involved is a will. EBut estate planning also includes preparing a power of attorney wherein a person authorizes another to make legal and financial decisions on their behalf in the event he or she becomes unable to make the decisions. In addition, your estate planning should includ...

It’s not just the billionaires who have an estate. In fact, almost everyone has an estate. An estate is made up of everything a person owns. This includes the car, home, bank accounts, life insurance, and other personal possessions. This is why estate planning is important for everyone. Image source: 3age.com.my Everyone has an estate plan—one given them by the state of residence, or one that is selected by the person. Those who die without selecting their own estate plan will have their assets distributed according to the probate laws of the state where they lived. This means that one’s family members (e.g., spouse and children) might only receive a fraction of the estate. The court will also be the one to control the inheritance of minor children. In the case when both parents die, the court will appoint a guardian to handle the living heirs’ inheritance. By creating your own estate plan, you are in charge of where your property goes when you die; who manages...

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.  ...

Pre-planning lies at the heart of hassle-free estate administration. Prior estate planning can assure individuals that their survivors would not have to fight uphill legal battles to claim what is rightfully theirs.  Image source: thebalance.com The many tasks at this point include drafting a will, collecting and updating the pertinent documents, and assigning an executor. With the advent of the digital age comes the need to store passwords and other online accounts where they could be found by survivors.  In the absence of a will, state law would determine and decide how one’s estate would be divided. Because state law does not always line up to the wishes of an individual, it is recommended that a will be drafted. Wills would need to be updated at key points in a person’s life.  At times, a will would need to be administered in more than one state. Although most probate cases are held at the state where the death has occurred, individual state la...