Estate Planning Basics


The Greek philosopher Heraclitus remarked that “ you cannot enter the same river twice '', that is, the weather will never be the same … “ The 'change' is the only constant factor and the 'death' is the only certain thing in life. So what's true for today won't be true forever. A contested joyful life today does not imply happiness for all successive years. The weather may change today or tomorrow. No one is sure when life's journey comes to an end and our eyes will never open to see the sun again. So, keeping in mind the precariousness of life, one needs to prepare for both good and bad times.

An essential characteristic of this preparation is the planning of his succession. Estate planning is above all a wise step to secure the future of your family and also to fulfill your desires after you leave the world. Usually people think that they don & # 39; t need to allot their wealth now, it should be done in old age. But the point is, it's never too early to plan for your succession. It will be of great help to your successors. They won't have to tax their brains to divide and manage your part. It will save them time and effort. You will also wrest your estate from falling victim to many expected quarrels that could arise between your heirs. The best part is that it's your wish that will be granted even in your absence.

Besides these benefits, another wonderful thing about pre-estate planning is tax savings. To do this, you need to collect complete information about the types of wills, the adequate time and how the estate is allocated. Your lawyer may be the best person to ask for advice. Once you let him know your intentions, he can point you in the right direction to achieve your goals.

There are several ways to plan for succession. For example, you can write wills (living wills are even useful while you are alive), plan your funeral arrangements, life insurance, and other guidelines. ICMA RC is a good source to ask for help and advice. It guides you step by step through the process of preparing your will and how you should divide your assets. ICMA RC also makes it known that if he or she does not write the will during his or her lifetime, then the court will have the power to award the assets to the members after death. For those who have their own business, ICMA RC in particular suggests leaving a paper trail behind. Documentation is the biggest proof of your plans and desires for the future.

While future life (old age and its consequences) is concerned, Americans today rely heavily on long-term care insurance. This has proven to be beneficial for many Americans as of today. However, one needs to be extremely careful and educated about the merits and downsides of politics before getting your hands on it.

People often question the pre-planning of funeral arrangements. They think it's comical and unnecessary to do it. But they forget that by planning their funeral in advance, they make things less complicated for their loved ones who would be the survivors. It is usually seen that when someone dies, their family members are faced with the strain of funeral arrangements. They don't have time to express their feelings and feel the loss they have suffered. However, if the one who died planned their funeral in advance; everything is going well, without any fuss and in accordance with the wishes of the deceased.

So when do you plan your estate now … remember it's now or never …!

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