Estate planning is important for those who want to ensure their affairs are taken care of after they pass away. Such planning means figuring out what will happen to all property, jewelry, cash, retirement funds, and accounts after someone dies. The goal is to make sure that such items are transferred to loved ones or beneficiaries. Additionally, one will want to pay little tax on such items and will want to assign guardians if there are children or pets involved.
Some of the important terms one will hear when it comes to estate planning are wills, trusts, and durable power of attorney. A will is a legal document that explains what will happen to one's property after a death. A trust is an agreement where property is trusted to one specific person or group. This individual or group is called the trustee and works on managing all the property details on behalf of the listed beneficiaries. Power of attorney is the legal right given to an individual or group to handle one's affairs if the individual is not competent.
Estate Planning Posts
An overview of our most recent and popular posts.
It is important to grapple with estate planning when one is clearheaded and of good health. This ensures that no hasty decisions are made and that one is legally competent to make such decisions. Wills, trusts, and the power of attorney can all be revised later on. Having a plan in place will ease one's mind.
Why worry about what could happen to one's home and possessions when one could take the time to invest in estate planning? Lawyers can guide interested individuals through this process. It is relatively painless. It just take time and thought to determine one's wishes and needs. A neutral party like a lawyer can help facilitate this process so that everything works out fairly. This ensures one can grow old without worrying about the future.