What you should know
Estate planning is an important part of everyone's future, whether or not they want to determine who will manage their affairs upon their death. By planning these details in advance, even if it is hard to think, the process is much simpler and simpler for loved ones who will eventually experience the mourning of your death. A big part of estate planning is to make a will to make sure the final applications are done well and there are no questions about how the business should be handled.
What are the benefits of having a will?
Having a will is an important part of estate planning. Some people may think that the will is frivolous, but the preparation of this document has several advantages:
Having a will gives you the opportunity to decide who will receive specific assets upon your death. For people with children, this can also indicate who will have custody of the children should anything happen to you while they are still considered minor.
A will can indicate who will be appointed executor of your estate when you pass.
Writing a will can reassure you that planning for your final business is already established and that your grieving relatives do not have to struggle to make difficult decisions.
Choose an estate executor
Choosing the executor of your estate is an important decision to make lightly. When thinking about who will fulfill this role, think of someone who is well organized, able to meet important deadlines, and someone who will be honest and forthright with what the will describes. In making this decision, it is important not to worry about people who may be offended or feel hurt – an executor must be chosen based on his or her ability to complete the task.
Different estate planning documents
A number of documents are involved in estate planning and it can be confusing to select the ones you need. Here is a brief explanation to better understand these documents:
- Last will: Distribution of assets, legal guardian of minor children, last wishes including funeral arrangements
- Living will: Life Support Preferences, Organs Specification
- Trust show: Avoid probate costs and delays, preserve the confidentiality of estate information, reduce some inheritance taxes
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