There are several reasons why you should plan your estate. When you eventually kick the bucket, all that you own will be left behind. Those luxury cars of yours, your investments, your houses, your insurance, etc. Estate planning is the best way to ensure that your assets or properties don’t fall in the wrong hands upon your death.
By planning your estate, you are indirectly securing your future and that of your loved ones. If you fail to plan your estate upon your death, your asset will be distributed and managed based on the intestate law of your state. This process can be very stressful, time-consuming, and it can also be expensive. You certainly wouldn’t want your family and loved ones to go through so much stress while you are gone.
By planning your estate, you are also preventing the tendency of any family feud arising. Most family misunderstanding is as a result of the failure of a breadwinner or estate planning to plan his estate before his demise. When you die without an estate plan, it is quite certain that your family and friends will fight over your estate. This fight can turn out to be a bloody one if people aren’t satisfied with certain things regarding your estate.
If you die without an estate plan, the court will be the one to designate guardians for your children (minor). This could be prevented by you simply taking out time to plan your estate. You will have the opportunity to select guardian for your children and at a certain age, they will be eligible to tap from your estate plan should you include them in your will.
What is Estate Planning?
Several people are yet to grasp the real scope of estate planning. Some think that estate planning is all about writing a will, while other believe that estate planning is only for the rich. Well, there is more to estate planning than you know. Estate planning is quite broad and isn’t just limited to the drafting of a will.
Estate planning are plans put in place in anticipation of one’s death. This plan covers the distribution and management of one’s estate after his demise or incapacitation. With an estate plan, you can have control over the distribution and management of your assets after your death. Your asset constitutes your cars, houses, insurance, etc.
Failure to plan your estate could harm your family in ways you can’t imagine. It gives the government the opportunity to dictate how your estate will be managed and shared. I bet you will feel bad when the decision to share all that you have worked for is placed in hands of your state government.
Will and Probate
A will is an important component of estate planning. A will can be described as a legal document that contains information about your assets, its beneficiaries and how you want them to be shared or managed. A will could also contain plans regarding your burial. If you wish to be cremated after death, you can state that in your will.
When you die, all you left behind would be shared based on what you stated in your will. But this will be done after your estate tax must have been paid and after the will has undergone the probate process. Probate process can be very stressful, time-consuming and expensive. If you wish to prevent your estate from undergoing the probate process, you could set up a trust while alive. Also, with a trust set up, your loved ones and family won’t have to pay huge estate tax.
In your will, you are to state the executor of your estate. An estate executor is an individual who will act on your behalf when you are gone. The duty of an estate executor is to ensure that your will is strictly adhered to. It is also his duty to ensure that your unpaid debts are settled.
Estate Planning Lawyer
When it comes to planning your estate, an estate planning lawyer can offer you the best help. Because estate planning is a very serious affair, you will need the help of a professional to ensure that you make no mistakes. Contact an estate planning lawyer in Miami to plan your estate.