To fully grasp the concept behind estate planning, it is best you understand what an estate is. An estate is simply your net worth at any point in time. Your estate can be your assets, that is, those cars of yours, your insurance, stocks, investments, and houses- generally anything that is valuable.
When you finally leave this world, you won’t be buried with your estate neither will your estate be automatically transferred to someone else without due process. If you made an estate plan before your death, your estate will be shared and managed according to how you planned your estate, but if you fail to, you won’t like the outcome.
You don’t necessarily have to wait till you are 70 or 80 before you plan your estate. As soon as you have surpassed the age of 18, and you have an estate, you can go ahead and make an estate plan. It is for your good and those you care about.
Having known what an estate is, why don’t we take a look at what an estate plan is all about?
Estate Planning Explained
As the name implies, estate planning is simply the planning of an estate in preparation of the death of an individual. Estate planning is quite important. It is done to ensure that one’s wish regarding all that he owns is fulfilled upon his death or incapacitation. Briefly, estate planning involves the management and distribution of a decedent’s assets the chosen beneficiaries.
Planning your estate is the best way to ensure that you die, your properties and all that you own are shared according to your wish. If you die without planning your estate, your properties will be distributed by the state government. This process is often time-consuming, stressful, and expensive. If you love your family and you don’t wish that they go through this stress, ensure you contact a Fort Lauderdale Estate planning lawyer and plan your estate.
Planning your estate means you are indirectly planning for your future and the future of those you care about. If you decide not to plan your estate while alive may be terrible for your family. Estate planning also offers you the opportunity to express your wish towards the distribution and the management of all that you own (your assets).
If you suddenly fall ill from a sickness or a condition that incapacitates you, your estate plan will dictate how you are to be cared for, how your medical bills are to be settled, and how your finances are to be managed and utilized. If you don’t make these decisions known by planning your estate, your loved ones will make these decisions for you and it may be one that you don’t like.
Many people feel that estate planning is all about writing a will which states how one’s assets is to be shared and managed; but the fact is that, estate planning is more than that. Estate planning covers other areas.
A will is a very significant component of an estate plan. This legal document contains information regarding how the estate of a deceased is to be shared, the beneficiaries of the estate, and the assets of the deceased. In a will is also the name of the estate executor.
Who is an Estate Planning Attorney?
To plan your estate, you may require the services of an estate planning lawyer. An estate planning attorney is an experience professional, one who can guide you through the estate planning process to ensure that you make no mistakes. An estate plan has to conform to the estate laws of your state. How do you know these laws without the help of an estate planning attorney? An estate planning attorney has the necessary resources and knowledge to offer you the best estate planning service.
If peradventure, you live in the city of Fort Lauderdale, It is advisable that you hire an estate planning lawyer in Fort Lauderdale. To find one, simply visit Google and input the words “Fort Lauder dale Estate planning Attorney near me” then select from the listings, probably one close to your area of residence