Benefits of Estate Planning

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Estate planning involves having to plan for what happens to your property in the event that you lose your life or your ability to make active decisions about your assets or your estate. It is something people like avoiding. However, the importance cannot be stressed enough. Here are some reasons why you cannot afford to avoid making such preparations

Helps You Eliminate Probates

In some situations, you may find that a probate can be very costly as far as time and finances are concerned. Without an estate plan, you may find that your family has to wait for a long time for them to be able to access these items. Such a delay can create a lot of hardship for your loved ones making it difficult for them to go on with their normal daily activities. An estate plan is meant to eliminate such problems especially during challenging times.

It allows you to choose the kind of medical care you want for yourself

Any individual can go through incapacitation at any given time. It may come as a result of an illness or an accident, which might put you in a tough position in terms of choosing the life sustaining care that you want. An estate plan allows you to specify the kind of treatment you want to receive in such a situation. This gives you an opportunity to save your family the trouble of having to save your family the trouble of having to make difficult decisions about your health that may go against your wishes. Check out this link for more info!

Allows you to decide how you want your property handled

When an individual dies without a trust, an estate plan or a will, their property ends up being passed along by their state’s property laws. The law gives your family members the first priority and in most cases, your close friends are never included in these laws. So, if you have some close friends that you would like to handle your property, then you must speak to an experienced lawyer at this website who can help you create a plan that honors your wishes.

You get to choose who takes care of your children

For those people with children, an estate plan is a must have. It allows you to make sure that your children are left in the best hands in case anything bad happens to both you and your spouse unexpectedly. You can also learn more on the benefits of estate planning by checking out the post at http://www.huffingtonpost.com/news/estate-planning/.

 

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The Importance of Estate Planning

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If you have never thought about what will happen to your property after you are gone then you should definitely start thinking about the issue. Many people tend to avoid the subject of death, maybe because it is considered a taboo in most cultures. Talking or even planning about events that should happen after death is a taboo to most folks. However, contrary to all that, a lot of bad things tend to happen if a person dies without creating a succession plan.Below are some of the reasons why people should consider estate planning.

Gives Your Assets to the Right Beneficiaries

When you have worked hard and gotten quite a bit of wealth in life, it is only natural that you should be the one to decide who the beneficiaries should be once you have passed on. The estate planning lawyers will tell you about the importance of making a will to ascertain that nobody that does not deserves your money or property ends up enjoying it. If there are certain family members whom you do not want squandering your wealth this is the way to go. It helps avoid unnecessary disputes among family members or beneficiaries

Takes Care of The Young Children in a Family

Every parent who has small children must always think ahead in terms of who gets to take care of the children in case they die. Every estate plan has a will portion which allows you to name your kids as the legal owners of your assets in case the unthinkable happens. It also gives you an opportunity to choose a legal guardian for your children in the event that both parents die before they get to turn eighteen years old. This is very important because you get to make a decision that you are comfortable with instead of having the court make that decision for you in your absence. For more facts and information regarding estate planning, you can go to http://dennis-m-astill-pc.wikia.com/wiki/Category:Estate_Planning_Attorney.

Protects Heirs from Overpaying Taxes

Estate planning focuses on ensuring that your loved ones are well protected and this means protecting them from big tax hits that may affect them in future. Estate planning essentially ensures that assets are transferred to heirs in an attempt of creating the smallest tax burden as possible. Click here for more info!

This is definitely something you should consider doing to make sure that the future of your loved ones is well taken care of.Death is something that happens to every person so it’s always good to be prepared.

Why it’s Essential to Hire a Probate Attorney

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If you think your life is complicated, just imagine how complicated things can be when you die. Yes, death is another kind of complication as the deceased doesn’t have to deal with the issues that come up. It’s the deceased’s family members who have to deal with the issues.

Some of the complications involve the settling of your debts and execution of your will. In addition, trying to fulfill your last wishes is another complication. When you draft a will, you’ll appoint someone to deal with your creditors, settle your debts, and make sure that your property is shared according to your wishes. This person is normally a legal professional called a probate attorney.

If you have an estate that’s complicated or large, your lawyer at http://www.upchurchlaw.com/areas-served/probate-attorney-ormond-beach/ may spend years attempting to properly settle your estate. For instance, this may happen even if your estate is not complicated and someone challenges your will in court. The challenge can linger in court for years and delay your estate’s settlement in the meantime.

Just consider the case of Anna Nicole Smith. Twenty six year old Smith got married to eighty nine year old J. Howard Marshall and the marriage lasted just over a year when Marshall died. At the time of death, Smith wasn’t in her billionaire’s husband’s will so she had to battle her step son in court over the will. The fight over the billionaire’s estate went on even after both Smith and Marshall’s son died and no one was left to fight it out.

The only individuals who probably made any money from that battle were probate lawyers who spent 10 years in court. It was like a horrible tug of war game with no real winners when the case finally ended. The lesson you can learn from this infamous public battle is that it’s important to make sure you have a clear will that’s updated with any divorces or marriages. This is especially important for senior men married to very young women with ambition. If you want to learn more about estate planning , you can visit https://www.youtube.com/watch?v=5ZRKAe3ucXA.

However, in most cases, you don’t need to be a billionaire to have a fight over your wealth, so a probate lawyer can help make your estate settlement less painful and easier for any loved ones you leave behind.

However, a probate lawyer can do much more than just represent you in court. They can also help ensure that your will is valid and produce the will in a probate court.

So, while life itself is complicated, death shouldn’t be if you take the right steps and hire a good lawyer to help you and your estate, click here to get started!