Estate
planning is a tool to manage the transfer of properties to the
beneficiaries in an effective way, either during lifetime or upon
death. A lot of financially-conscious individuals are saying that
planning needs to be done as soon as possible. Preferably, one should
consult with a qualified estate planning attorney to tailor specific
estate plans that meet personal goals and needs. But what can a good
and planned estate do?
- Reduce or eliminate potential estate tax
- Make effective property transfers (during life and death)
- Make health care decisions in cases of incapacity
- Avoid probate
- Make sure that properties are passed to the right beneficiaries
- Make sure that a responsible and trusted adult or adults will take care of children
- Give gifts to charity
- Give clear instructions to loved ones and beneficiaries
Estate
planning attorneys can help people draft documents needed to properly
plan their estate. This can start from making an inventory of your
assets, writing a schedule for debt payments and the listing of
beneficiaries. Lawyers will provide you with support in writing
wills, creating trusts, and even a medical power of attorney.
The
task of estate planning is hard but it can become easier if one takes
the time to understand what needs to be done or if one consults an
attorney. One thing is for sure: putting the time and effort to
create a good and planned estate brings a lot of benefits.
