An estate is simply the net worth of an individual living or dead at any point in time. It is regarded as the sum of an individual’s asset, interests, etc. Your asset could constitute your cars, investments, houses, stocks, etc.
When you die, you will definitely not take your estate with you. All your assets will be left behind. If you planned your estate before your demise, you get to control how those assets will be managed and distributed, but if you don’t plan your estate, the state government will be the one to decide who gets a portion of your estate. Trust me, this is not a process you want your family or loved one to pass through as it is expensive, stressful, and very time-consuming.
Having known what an estate is, let’s take a look at what it means to plan an estate.
By now, you should have had a little understanding about what estate planning is. Most people believe that estate planning involves the writing of wills and nothing more; well, estate planning is broader than you know and it is more about writing a will.
Estate planning can be defined as the process of making plans regarding how your estate will be shared and managed after your death or incapacitation. If you plan your estate while alive, you are directly trying to secure your future and that of your family and loved ones. You certainly would frown at the idea of the state government sharing all that you have worked for to persons who you feel don’t deserve one bit of your estate. That is what you get when you refuse to plan your estate before your demise.
If you properly plan your estate, you should be able to prevent your family from experiencing the dreadful probate process. How do you do this? It is quite simple. You need to create a trust if you want to protect your family from the probate process. This process can be stressful, time-consuming and costly.
Wills often undergo probate process to test its validity. It is carried out to ensure that it was written by the estate owner and not by any other person.
A will is a core element of estate planning. The will is often read out after the death of a deceased and it is usually done by a lawyer. A will contains the wishes of the estate owner regarding his estate. The will also contains all the assets of the estate owner, the beneficiaries and how he wants each of his assets to be shared.
The name of the estate executor is also stated in the will. An estate executor is a person who is to act as the representative of the deceased after his death. The executor will begin his role only after his approval by the probate court. Sometimes, misunderstanding always arise when the executor chosen is someone others don’t like or when other feel the executor will do a bad job in handling the estate of the deceased. The job of the estate executor is to ensure that the wishes of the deceased are fulfilled. It is also his job to make sure that all outstanding debts of the deceased are settled. He can either do this with the help of an estate planning lawyer or he can do it on his own.
While alive, you have the opportunity to update your will as you please. But as soon as you die, nothing can be altered in your will, it remains like that.
The deceased can also state everything about how he or she wish to buried in the will. If it is his wish to be cremated or to be buried in a certain place, he is to draft it in his will.
Estate Planning Attorney
An estate planning attorney is an individual who is an expert in estate planning. Such an individual can help you plan your estate according to your wish and also according to the laws of the state you reside in. If peradventure you live in the beautiful city of Miami, and you wish to plan your estate, an estate planning attorney Miami has the knowledge and expertise to assist you.