A Guide to Estate Planning
Estate planning is like insuring yourself because it is the process of anticipating events in the future by planning yourself especially when it comes to your properties. There are some things that a person cannot predict the time happening and that is why it is important to plan yourself to await such circumstances. For example, you can plan when you will marry and have children but you cannot plan when diseases can disable you and when you will die unless you are planning suicide. When you die or diseases, when you are incapable of making any plans, having necessary measures in order can help you in dividing the properties and also estate planning, can assist in ensuring the properties are taking care of.
Estate planning can start as early as you want because of the unpredictability of events. If you want to estate plan, there are many measures that you can put in place as a way of anticipating such events.For example, a will is a device that is commonly used when it comes to estate planning where you put your wishes especially about the distribution of the properties you have left behind after your death. It is important that you be knowledgeable about the different types of will that you can write for example, there is the will that can take effect upon your death and living will that can still be effective when you are alive. The example of estate planning tool that is used is the trust which is in the case of a minor or disabled person who is the beneficiary of the will. In addition, you can also use advanced directive, beneficiary designation, power of appointment, property ownership, power of attorney, gift to name but a few.
When putting the plan in writing, you can decide to do-it-yourself but most importantly it is important that you engage an estate planning attorney. One of the benefits of using estate planning attorney is that they help you in reducing the taxes that are levied upon your properties and also in avoiding such taxes if possible. An attorney should be involved in the process of estate planning because upon your death family conflicts may arise on the division of the properties you have left and the attorney becomes your voice and the most important person that can adhere to your will to ensure it is fulfilled. Understanding the law is very important especially when it comes to the will because for the will to take effect, the court has to allow that through the probate process and having an attorney can help you in reducing the probate process.Therefore, be sure that you work with a professional and an experienced estate planning attorney for your will to be effective.