You may be conversant with what estate planning is, but do you know what an estate is? Well, an estate is simply the net worth of an individual at a certain point in time. Your estate can be your assets, that is, those cars of yours, your insurance, stocks, investments, houses- generally anything that is valuable.
When you die your estate won’t certainly be buried with you, it will be left behind. If you planned your estate before your demise, your assets will be distributed according to your wish, but if you don’t, the government will dictate everything regarding your estate.
What is Estate Planning?
Estate planning are plans put in place to facilitate the management and distribution of ones assets upon death or incapacitation. Incapacitation is the inability to make decisions regarding issues like your health care and your finances.
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 ones assets is to be shared and managed; but the fact is that, estate planning is more than that. Estate planning covers other areas.
Many people die without planning their estate while others die with an estate plan in place. If you die without planning your estate, you will be inadvertently putting your family and loved ones in a tight spot. Failure to plan your estate could result in a battle over your estate, which is something you would not want to experience if you were alive.
If you don’t plan your estate before your demise, the government has the right to dictate how your assets will be shared and managed. All will be dine based on the intestate law of your state. An estate plan can simply be regarded your death wish. If you plan your estate before your demise, your wish regarding your estate will be granted upon your death, but if you decide not to, you may not like the outcome.
Will
A will is simply a legal document that contains everything regarding how you want to be buried including your assets and the beneficiaries of your assets. In your will, you are to state the executor. A will executor is a trusted individual who will act on your behalf upon your death. It is the duty of this individual to ensure that all your wishes are granted.
A Judge will have to approve the will before the assets of the decedent is transferred to the beneficiaries. This process is regarded as probate. Also, it is the duty of a judge to certify the executor of an estate before he or she can go about his job as the estate executor.
It is the wish of everyone to avoid probate which is why a trust is usually set up to by estate owners. With a trust, you can transfer the legal titles of your property without paying taxes. Also, with a trust, the executor of an estate can begin his role without the certification or approval of a judge.
The probate process is often stressful, though it depends on the circumstances surrounding the estate and the plans made by the estate owner. This process is usually done to determine the authenticity of a will. Sometimes, some wills aren’t actually written by the estate owners but by individuals who have some ill intentions in mind.
Estate Planning Attorney
Planning an estate can be quite difficult because it involves a lot of procedures and in-depth knowledge about the estate laws of your state. An estate planning attorney can lessen the stress of planning your estate. He won’t only assist you in the planning process, he will also offer you valuable advice that would help in ensuring that your estate is well-planned.
If you reside in the city of Miami, an estate planning lawyer in Miami can assist you with planning your estate. Contact one and secure your future and that of your loved ones.
