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Estate Planning Basics |
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Guide to Estate Planning Basics |
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Who Needs Estate Planning? Estate planning is an important process that involves people such as: your family, other individuals and, in many cases, charitable organizations of your choice. It also involves your assets and all the various forms of ownership and title that those assets may take. No matter the size of your estate, you should designate a person whom you trust with the responsibility for the management of your assets and your care, in the event you become incapacitated. Including the authority to make health care decisions on your behalf. |
| If your estate is small in value your focus may be simply upon whom is to receive your assets and who should be in charge of its management and distribution. If your estate is larger, you will need to consult with an attorney to determine who is to receive your assets, when they will receive them as well as, various means to preserve your assets for your beneficiaries. You will also need to discuss ways to reduce or postpone the amount of estate tax which otherwise might be payable on your death. | ||
| Without specifying through a valid Will or Trust to whom and how your assets/ property are to be distributed the laws of the state you reside in will write the Will for you; that is, they will decide whom your heirs are and they will control and distribute your property to your heirs. Contrary to popular myth, if you die without a will, everything does not automatically go to the state. Your relatives, no matter how remote, and in some cases the relatives of your spouse, will have priority in inheritance ahead of the state. These may not be the people you would want to inherit from you; therefore, a will is the preferable approach. | ||
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