It’s amusing just how much Hollywood has contributed towards the perception that estate planning is only for the wealthy. It’s a clear sign that there are already far too many soap operas and legal dramas built close to storylines of families battling over the massive fortune put aside by a deceased character.
In real life, estate planning is far from being the sole prerogative of the wealthy. Anyone with assets can create wills, trusts, and other documents that form part of a proper property plan. If you own home, you should find the best estate preparing attorneys so you can prepare yourself you for the inevitable.
With proper and timely estate planning, you will be able to distribute your assets based on your wishes. That means individuals you intend to leave real estate, possessions, and cash to will get them just like you wanted.
By creating a will, you will be able to appoint somebody you completely trust because executor of your estate. Upon your demise, your executor is going to be legally responsible for the distribution of your assets to beneficiaries as named in your will, paying your remaining financial obligations, and appear in court on behalf of your estate.
You may also include a living will in your estate plan that states, in case you’re unable to communicate, how you would like your end-of-life medical care to look.
Estate planning also gives you the opportunity to title a guardian for your small children, if any, in the event of your death.
If you fail or will not do any estate planning just before your death, the state where you lived and owned property will invoke its intestacy laws and appoint a good executor who will administer your own estate. In other words, there is no guarantee that your assets will be distributed according to your wishes. You might also need no say on who will be named guardian for the minor kids because the state will do it for you.
If you don’t want to suffer the consequences of dying with no estate plan, you need to draw up one now. Check out the infographic below for smart techniques that will help you create a solid estate plan.
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