Estate Planning Explained
Estate planning is very common. Each day several people contact estate planning lawyers to assist them with the planning of their estate. Also, each day several families suffer from the failure of the breadwinner to plan his or her estate before death or incapacitation.
Several people are yet to fully grasp the complete scope of estate planning. To some, estate planning is simply the drafting of wills while to others estate planning is all about sharing the assets of a deceased. Well, estate planning is more than that.
Estate planning are plans made in anticipation of the death of an estate owner. These plans are the distribution and management of the decedent’s asset upon his death or incapacitation. The incapacitation could be as a result of an illness, accident, old age, etc.
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.
Benefits of Estate Planning
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.
Avoid Probate
Probate is the process whereby the will of a deceased is validated. This process is usually feared, 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. 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 Scuffle
Family scuffle arises from several situations and estate distribution Is one of them. Failure to plan your estate will make everyone fill entitled to a share of what you own. It makes everything disorganized and when such exist there is bound to be misunderstanding.
For instance sibling A may not like the fact that the state decided not to offer him a piece of his father’s asset probably due to his bad history of money squandering and debt accumulation. This may result in anger or jealousy towards those who had a share of the asset.
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.
Safeguard beneficiaries
A good way to protect your children, spouse and loved one from creditors, wrong choices, outside influences etc., is by creating an estate plan while still alive.If you have little children, there is a law (state) that is created to select guardian for them. The job of the guardian will be to cater for the needs of the children until they become a legal adult, at either 18 or 21. By creating an estate plan, you get to select the guardian of your children who are minor.
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.
