For those who thought estate planning was for the rich, think again! Everyone has a lot to plan around whatever they own. Your car, your home, and the real estates you own and even the investments, savings, furniture, life insurance and also personal possessions can be added to your estate planning. No matter how modest or extravagant your estate is, you cannot take it with you when you leave the mortal world. Therefore upon a person’s demise, he will have no control of how his ‘things’ will be distributed to people or organizations he felt for the most. To certify that his wishes are carried out in order and specific instructions are followed, the person needs to put the same on paper. Also, the same needs to happen with the least amount of taxes shelled out including the legal fee and the court costs.
The benefits of estate planning
Estate planning ensures that upon demise of a person his possessions are passed on to the rightful owners. There have been a lot of court cases and legal battles amongst family members, business partners and other third party lenders over items in dispute. This is a never-ending cycle and often results in a deadlock with sour and strained relationships. The purpose of having things planned is to include specific instructions for passing your ‘values’ (education, religion, hard work et al.) along with your valuables for people you care about in your lifetime. There are cases where the deceased leaves behind minor children and ailing family members. The planning comes handy as it provides additional benefits to the family without affecting government benefits. You might want to seek a law firm that will guide you around the entire process. Estate planning – Barr & Young attorneys near Walnut Creek is a popular choice amongst other firms. They are a set of specialized attorneys who know their job and provide hassle free services.
Other benefits of estate planning
Research shows that there have been cases whereby the family is in sheer debt after a person’s sudden demise. This facilitates easy clearance to the creditors and future proof the family against other mishaps. Life insurance plans are also beneficial, as they not only take care of the monetary transactions post demise, but also during prolonged period of ailment. As discussed earlier, planning saves the time and effort to run court cases, legal battles and overdose of taxes. The planning is an ongoing process and needs to be created after consulting your attorney and family members.
The best form of estate planning tool
A will is the best way to get things rolling. Estate planning – Barr & Young attorneys near Walnut Creek is a reputed firm that provides personalized services. You can consult them around the entire planning process and get a fair idea about the different forms of will. A will is a form of a legal document, which has specific set of instructions to be followed upon the person’s demise. The maker is called a testator and the one who is appointed to carry out the duties is called an executor. Consultation with the firms give you a fairer insight about the complexities of planning and having everything put together in one paper – duly signed.