Estate planning is a very popular act. This act is not only for the rich but for everyone. If you have an asset, no matter how small it is, estate planning is for you. Estate planning is the best way to have a say over the management and distribution of your asset even after your demise. As the breadwinner of your home, your priority should be the welfare and financial security of your family even upon death. So, to ensure that your family and loved ones are well catered for even after your demise, it is best you plan your estate on time. You should wait till you start growing grey hair before you decide to plan your estate as you can’t predict when you will die. You can plan your estate any time and update it whenever you want to make any significant change.
One of the biggest mistake you will make while alive is to fail to plan your estate. When you die without an estate plan, your estate will be shared and managed based on the intestate law of your state. Now, this can hurt your family and it can also result in some family feud which could end up tearing your family apart. I’m sure you wouldn’t like the scene of your family and friends fighting over your estate or the scene of your loved ones being stressed by the probate process.
Estate planning involves plans regarding how your estate is to be shared and managed after you kick the bucket or while you are incapacitated. Many people believe that an estate plan starts and ends with the writing of a will, but estate planning is more than simply writing a will. The wise plan their estate without hesitating and save their loved ones and friends the stress of spending money in court, while the unwise, probably out of ignorance, fail to plan their estate and jeopardize the future of those they love.
Importance of Planning Your Estate
There are several benefits attached to you planning your estate. Below are a few of these benefits
Prevent Family Feud
By planning your estate before your demise, you could save your family from disintegrating. Many family feud are as a result of the failure of an estate owner to plan his or her estate. When you fail to plan your estate, anyone could feel they are entitled to your assets. Your brother who spends lavishly could feel he is entitled to your house even if your wish is that he get nothing from your estate due to his bad spending habit. This could result in some misunderstanding if the court eventually decides not to give the house to your brother (due to his bad spending habit) but to your uncle who they feel is worthy of the estate.
If you plan your estate, your wish regarding your estate would be made clear in your will. If anyone wants to argue or contest the will, he or she will have to go to court.
Probate is the process whereby a probate court determines the authenticity of a will. This process is usually done in the court with the presence of a judge.
This process is usually not easy, and this is quite understandable because of its nature. Probate is not straightforward, it can take a lot of time and money. The whole process is very stressful. If love your family and loved ones so much and you don’t want to cause them so much pain after your demise, plan your estate.
Estate planning is a good way to avoid the much-dreaded probate process. In fact, most people seek the help of estate planning lawyers for the sake of escaping the probate process.
Who is an Estate Planning Lawyer?
An estate planning lawyer is an individual who is skilled in estate planning. Estate planning lawyer are very conversant with the estate planning process and all that it entails. If you reside in the city of Miami and you have finally decided to plan your estate, ensure you contact an estate planning lawyer in Miami.