Estate planning is vital for anyone who wants to be prepared in case they die. By taking care of your own affairs now, you can make sure that your last wishes are still intact and can also help eliminate some of those difficulties that may arise in the future. There are several reasons to consider estate planning, but for many, it’s simply about protecting your family from living under a harsh regime. Estate planning helps to put your wishes into writing so that you can rest assured that you have made the most of your life.
When it comes to planning out your own passing, there are two basic choices: you can choose to do it on your own using probate, or you can use an estate planning attorney to help you. Probate is a process where the court works to appoint an administrator to handle your assets and properties. This can take a while since there are many approvals needed before the process can go forward. Once the administrator has been appointed, then your assets will be transferred to the heir that was approved by the court. If no specific heir is listed, then the court randomly picks one.
An estate plan can also work along with probate. The probate process works with your will to be used as the legal document to designate who will be handling your assets after you pass away. However, you can also use trust as a way to handle your own passing. If you have a trust set up, your assets will be transferred to the trust, which is then managed by an estate planner. An estate plan can also be used to hold some of your assets, such as a retirement plan and some bank accounts while making sure that these are transferred to your beneficiaries if you die unexpectedly.
While there are a number of steps that can be taken to ensure that you take all of your assets into account when you die, there are also a few important points to consider when creating your estate plan. First, it’s important that you create a will that names your beneficiaries. This includes anyone who has an inheritable asset, such as a house or car, as well as anyone with who you have a relationship, such as a mortgage company or credit union. Any money that you leave to your heirs should also be properly designated, such as being divided between your four siblings.
Your estate plan should also include any type of financial planning that you might need. This can include investments that can be made or any insurance policies that you may have. Be sure to include anything that could affect your ability to pay off debts in your financial planning. You should also have any minor children who you would like to be taken care of upon your death covered by the estate plan. Your last, but not least important part of financial planning should include information on who will handle any debts that you leave behind.
If you find that you don’t know where to begin when it comes to planning your estate, consult with an estate planner. An estate planner is someone who has had a large amount of experience working with others who have complicated estates. They can be very helpful in guiding you through the process and can even help you develop a specific plan that addresses all of the assets that you have. Don’t put it off if you don’t know what you’re doing. The sooner you get started, the more likely you are to be able to pay off your debts and leave your loved ones with everything they deserve.
This post was written by Trey Wright, one of the best bankruptcy lawyers in Tallahassee FL! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.
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