Estate planning is a very common term in our world of today. Many people are yet to fully grasp what estate planning really is. For some, estate planning is simply a way to transfer the properties of a deceased while for others, estate planning is the drafting of a will. While many people out there aren’t aware of is that, estate planning is more than simply writing a will that indicates the assets of a deceased and its beneficiaries.
Some years back, there was the misconception that estate planning was meant for the rich. That is not the case. Estate planning is for everyone, the poor and the rich. Provided you have an asset such as a house, a car, a painting, sculpture, pension, etc., you can plan your estate.
Estate planning basically involves the distribution and the maintenance of a decedent’s assets after his death or incapacitation. Incapacitation can occur from a live threatening sickness, injury, or old age. In such scenario, estate planning can cater for the financial and medical needs of the individual.
When you plan your estate, you are directly planning for the future of your children, surviving spouse and those you love. Failure 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 don’t plan your estate before you die, your assets will be shared based on the intestate law of your state. Trust me, you don’t want your family to experience such process. It is often stressful, time-consuming and it is quite expensive.
What are the Benefits of Planning an Estate?
Estate planning has several benefits which is why it is embraced by wise individuals who value their future and those they love. Let’s have a good look at these benefits.
After the demise of a breadwinner, his will is presented to the court for the probate process. This process is usually feared because of its nature. The probate process is not usually easy as it involves lots of steps and procedures. In short, the probate process is quite stressful and it’s something you wouldn’t want your family to experience.
If you 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. This is one of the best ways to prevent the probate process from having effect. In fact, many individuals seek the help of estate planning lawyers for the sake of avoiding the probate process. Even for those who have never handled probate they still wish to avoid it no matter the cost. This is due to probate horror stories recounted by friends, relatives, neighbors, or the media.
Prevents Family misunderstanding
Family misunderstanding can be as a result of the distribution of a deceased’s estate. If you kick the bucket without planning your estate, your family members will fight over all that you left behind. Everyone will feel entitled to a piece of your estate because of one reason or the other. Planning your estate before your demise is the best way to prevent family scuffle. It makes everything organized and where such exits, misunderstanding will have no place.
For example, sibling A may not like the way sibling B is managing the deceased assets. Or sibling A may be vexed that he had no piece of the deceased asset probably because of his terrible money squandering history. This could eventually lead to jealousy, hatred or even lawsuits.
An estate plan can prevent such from occurring because all the intension or wish of the deceased regarding how he wants his assets to be shared will be contained in his will. No one would want to deny the wish of a dead individual irrespective of what it is.
Estate Planning Lawyer
You need an estate planning lawyer for so many reasons. They can make your estate planning look so easy. Estate planning lawyers are very conversant with the estate laws of your state and can help you avoid unnecessary mistakes when planning your estate.
If you reside in the city of Miami, and you need help regarding the planning of your estate don’t hesitate to contact a Miami estate panning lawyer near you.