What is estate planning and why is it so important? Estate planning is what a person commits to while they are drafting a final will. They determine what will happen to any assets they own and who will benefit from them. Therefore, estate planning is extremely important, if you want to leave your assets like your house, vehicle (s) or any form of money to specific people, you will need to make a legal will and state your selected beneficiaries.
So what should you do to write your will? There are several steps to follow to cover all the bases. However, before you even begin to write your will, you will need to give due consideration to the people you choose to make your wishes come true. Remember that a will is nothing more than a document that expresses your wishes in written form – you will need someone to do everything for you. So, you will have to choose a special person whom you clearly trust. This person will be the executor (male) or executor (female) of your last will.
Next, you will need to speak to a wills and estates lawyer to draft your will. A lawyer can help you with all the legal steps and advise you on what you can and cannot do in planning the distribution of your assets. You can find a lawyer quite easily by using your phone book or you can find one on the Internet. Best of all, you can even find one through the recommendations of another. Either way, the sooner you start planning for your will, the better off you'll be.
After you find a lawyer, you sit down with the lawyer and go through any documentation relating to your assets. At this point, you may also want to consider the possibility of creating a power of attorney, a statement giving control of your assets to your preselected person if something were to happen to you while you and you are still living for whatever reason. , can't speak for yourself. In addition, you may want to consider creating a healthcare proxy, leaving the responsible person when you can't be the choice of what kind of inpatient treatment you prefer. For example, if you are seriously ill, you may decide to notify the hospital and doctors through your health care attorney that you do not wish to be resuscitated.
Finally, during the process of creating a will, you may want to create one or more trust funds, called 'discretionary trusts', for people who may be too young to manage the assets. that you give them in the event of death.
A will is essential if you want to ensure that your family is taken care of in the event of your death. With a will, you can arrange your funeral and the payments required for such arrangements in advance. You can also determine which assets should be sold and distributed among your loved ones. Ultimately, making a will takes away the burden of worrying about your friends and family while they are grieving.