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Estate Planning and why it Matters

Estate Planning and why it Matters

Estate planning is more that we imagine it to be. Most people believe that planning an estate isn’t really important, or maybe they do, but they are very ignorant of what is at stake should they refuse to plan their estate while alive. Estate planning is more than simply drafting a will that contains one’s wishes regarding an estate. If is far broader than that.

So many misconception trail the concept of an estate and its purpose. Some uninformed people believe that an estate plan is made for the single purpose of transferring the assets of the deceased to the designated beneficiaries. Sorry to disappoint if you believe that to be true. Estate planning covers everything that happens (about the deceased estate) upon the demise or incapacitation of the estate’s owner.

Also, there is also the mistaken belief that only the rich plan their estate. Once again, that is totally not true. The rich and the poor can both plan their estate provided they have an estate, no matter how little it may be. Planning your estate is a perfect way to plan for your future and those you care about.

Estate planning is very important. Refusing to plan your estate while alive is the worst mistake anyone would ever make. If you care about your loved ones, family, and friends, and you don’t wish that all you have worked for be distributed and shared by someone other than you, it is advised that you plan your estate without hesitating. 

What is Estate Planning?

Estate planning is a very common term and it is regarded as plans made in preparation of one’s death. This plan involves the sharing and management of ones assets upon death or decapitation. It also involves the provision of guardians for minor children, including other crucial things.

Estate plans are usually made when one is alive and it will come into effect when one dies or becomes incapacitated. It is advised that you plan your estate early then update it when necessary to avoid dying without one.

Anyone above the age of 18 is eligible to plan an estate. So you shouldn’t wait till you are approaching 70 before you make that estate plan, neither do you have to wait till you are as rich as Jeff Bezos before you plan your estate. You never know what tomorrow holds. Life remains uncertain.

Will

A will is one of the most significant elements of estate planning. Without a will, an estate plan isn’t complete. This legal document is that which states the assets of the deceased, how each will be shared, including whom it will shared to.

Put simply, a will contains your wish on how your estate is to be shared. Some people believe that estate planning begins and ends with the drafting of wills, this is so not true. In fact, estate planning is more than writing wills.

In the will is the name of an executor. The executor could be anyone from a trusted friend to a relative, etc. The job of an estate executor is to ensure that the wish of the deceased concerning his assets are fulfilled. It is therefore safe to say that an estate executor acts on behalf of the estate owner. Other duties of an estate executor ranges from locating all unpaid debts and taxes of the decedent and making efforts to see that they are outrightly settled. As stated, he is also charged with managing the estate.

Drafting a will may not be as simple as you think it is which is why you may require ta assistance of an estate planning attorney when writing one. It is the job of an estate planning attorney to provide legal advice concerning you will, to inform you of the estate law of the state, and guide you through the process of drafting the will.

Estate Planning Attorney

Though there are several attorney that does will out there, we boast of the best and they can assist with planning your estate and drafting your will. Our estate planning attorney have the best experience in the field of estate planning including the knowledge to offer you the best legal advice you need.

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