Steps for Creating the Estate Plan
Tuesday, October 18, 2016, 6:00 AM | Leave Comment
Regardless of the fact that you’re being single, married, divorced, remarried, have kids, or have siblings, an estate plan is a great document that keeps the loved ones and your property secure.
Many people don’t consider having an estate plan, and the consequences become severe. Their assets are frozen, the property can’t be passed to anyone, and the entire family goes through a real agony until the court decides who should inherit all the wealth.
Therefore, take all the necessary steps and create the estate plan, for everyone’s sake.
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Make a List of Assets
Crucial part in creating an estate plan is listing all the debts and assets you have. This will be especially helpful for those who will possibly want to help with the estate issues.
If a person seeks to probate, the court will demand the exact count of assents and debts.
Not having the list will create additional problems, because there will be no chance of finding out where all the things are situated or to whom they should be passed.
Therefore, make it easier on the family and court and cut the process short by listing everything on time.
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Children Come First
Accounting for the dependents is especially important. Your children or any other family member that depends on you should be taken care of.
Appointing a guardian in an estate plan is one of the best options. He or she will take care of all the dependents and make the fundamental decisions regarding their needs.
This is why you should write a will that’ll and secure everyone after your demise. Whom the guardian will be, how much money he or she will be allowed to use for the children and other dependents and other important points.
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The Last Will and Testament
Documenting ones wishes is the essential part of an estate plan. Don’t leave crucial decisions for the people that have nothing to do with your property and estate and secure all the wealth by writing a will.
Instead of having the state deciding where the assets will be distributed, have everything in your hands and decide on time by stating everything in the will.
Good thing is that nowadays you can do it very efficiently and quickly, because you have the opportunity to get wills online. They’re lawyer approved, fast and affordable, so be sure to secure your assets soon.
Additionally, it would be a good idea to appoint a certain family member to take any medical decision on your behalf if you end up being incapacitated.
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Have a Fiduciary
You may be unable to handle your assets do to the illness or some other problem, so it’s a good idea to have a person who’ll do it for you.
A fiduciary will be granted the authority by you to handle all of your personal assets. Additionally, appointing a Power Attorney can also be very useful. This person will be permitted to conduct business, or pursue any legal matter that you’re unable to do.
However, always keep in mind that this person must be someone you trust completely, because he or she will have to make some ground-breaking decisions.
Having an estate plan is very important for the future of your family. They’ll be secured because you’ll have your last will on paper, no one will have to spend years on court, and your assets will be secured.
Therefore, make sure you have the estate plan written on time, and with all the important elements. List the assets, write a will, secure the family members, and name a person of trust. Only after you’ve arranged all of these things, will you be able to have a piece of mind.
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