Estate planning is a process where you plan for how your assets or properties will be managed. Estate planning can save your family from all the hassles of going to the court for cases and everything after you die. An estate plan helps you provide immediate assets to your family when you pass away. Or else, it would take a mere six to nine months for the court to send your assets to your family. Without estate planning, things will be horrible for your family, and they will suffer a lot.
So what does estate planning do? Estate planning focuses on planning for how your assets will be managed and distributed after your demise. It states how your financial life and property will be managed if they become incapacitated because of an illness or accident. State planning intends that while you live, it will protect the assets and protect your estate from paying unnecessary taxes when you die. All the plans are set up by a super annuation and estate planning Strathmore attorney to make things simple. Here are some additional facts that would help you have a clear idea about estate planning.
Your Possession Is Your Estate
If you are an adult and you own anything, that’s an estate. An estate means a certain possession of value that your own. For owning an estate, you don’t have to have an estate business or own a mansion (not saying you can’t). The staple things that you can’t live with are considered an estate, such as a car, a home, bank accounts, personal possessions, etc. If you have assets, you need a plan to manage them, and an estate plan provides just that. In short, if you don’t have an estate plan, the government of your country or state has the right to determine who receives your assets. If you don’t want the government to interfere in the distribution, you need an estate plan.
Hiring an Attorney
As I mentioned earlier, all the plans are made by an attorney, so if you are making an estate plan, you need to include one. Planning for your estate can have several legal procedures and practices area, and without an expert, it’s tough to reach that far. Areas like asset management, real estate, guardianship, tax planning need to be addressed by legal professionals who have more expertise than you. However, if you are an attorney yourself, then obviously you need another one! The attorney’s job is to help you make a will that will be put into action after your demise.
Planning Helps Your Loved Ones Avoid Probate
If you don’t have an estate plan, you might die in peace, but your family wouldn’t get rest after your demise. This is because probate can take a lot of time. To avoid this, an estate attorney will help you plan to pass your assets to your family quickly. The process includes authenticating your will, verifying that the asset owner is legal, paying off tax balances, and approving the distribution of all of your assets.
If you are still confused about the estate plan, it would be better to talk about it with professionals. That way, you would understand it better.