Planning an estate is no child’s play. Estate planning is a crucial role for all those who have an estate. Not only the well-to-do but any person, who has a home, bank accounts, investments, family or children, should do estate planning.
A Well-Designed Estate Plan
The main goal towards planning an estate is to appoint the right people, in this case the Estate Planning Attorney. Hire people with good financial background and trustworthy, to manage an estate.
Apart from this, proper planning is important. Make sure, you are clear about the recipients of the estate.
A Last Will
A Last Will is basically a manual of instructions. It charts out the path to facilitate your wishes towards disbursement of wealth to your family members or appointed person. Everything needs to be put on record. A hand-written will is of no value, unless it is counter-signed and notarised by a jugde or lawyer.
Your Estate Planning Attorney can advise you on the basic documentation process. Five basic documents make up an estate plan.
Revocable Living Trust –
It is a legal entity that can be created to take the will-holders’ place. The trust has a lot of power, more than the original owner of the property.
A Last Testament/Will –
It helps in the transfer of all assets not a part of the trust to be included in the trust, after the demise of the incumbent.
Certificate of Trust –
It provides private information about the trust to banks, investment companies and other financial institutions.
Durable Power of Attorney –
It is the delegation of power to a person, who can perform all of your duties, including signing of your documents on your behalf.
Advance Health Care Directive –
It appoints another person, who can take decision related to your health in case you are dead or incapable of taking your own decisions.
Asset related issues are of prime importance in today’s times. So, you have to be careful in determining the planning stage by stage.