What is Estate Planning?

In this blog, we will discuss what estate planning is, what is required and what things you must keep handy while planning to secure your family’s future.

If you want to watch a short video on this topic on our YouTube channel, click here: https://youtu.be/GxYc1cLPTe8

By now, you have heard many times that estate planning is important. Everyone needs to have their estate planned so there are no complications or discrepancies in in your wishes for your family in your absence. Even though your lawyer will give complete assistance and guidance to your descendants, you need to have a well-planned estate.

Reasons To Plan Your Estate

It is best to keep in mind certain things you want to include planning your estate.  Some of these are:

  • Estate planning is not only the wealthy but is for everyone.
  • You can clarify the estate by assigning your assets and establishing beneficiaries of your choice.
  • After your demise, your beneficiaries will take care of your assets as per your instructions.
  • If you don’t properly plan your estate and don’t possess legal documents for the same, there might be chances your assets will be unintentionally distributed.  If this is the case, probate dispute lawyers will have to take care of the complications.
  • With estate planning, if you become incapacitated, you can also permit your legal heirs to carry out several activities on your behalf.

Things You Need To Do Before Planning Your Estate

Estate planning is essential. There are crucial things you need to plan so your family and loved ones do not have to face difficulties in your absence and can also easily claim assets you direct. Here are some of the things you should do before planning your estate:

  • Make a list of all the valuable physical assets you possess to pass down to your legal heirs. No matter how small the object may be, if it holds value to you irrespective of its price, write it down.
  • Do not forget to also make a list of all the non-physical assets like: pension accounts, fixed deposits, provident funds, and other monetary assets you possess. Include account numbers and passwords, if needed. After your demise, these things will hold great importance and value to your family.
  • You will need to note down any loans from any financial institution you have and any outstanding debts. Who knows, you might die an unexpected death and your family wouldn’t even know about your debts.  This will result in potential fines, fees and charges incurred by your family.
  • Make a list of all the organizations you are associated and hold a membership.
  • Keep several copies of your lists at different places;  there might be a possibility of losing some.
  • Keep track of all your accounts so your estate planning will be smooth and easy.
  • Draft a Will where you can set legal names for a guardian and beneficiaries and provide instructions about how to distribute your assets amongst all your legal heirs.

Things You Require For Estate Planning

Some of the things you need to include for your estate planning are:

  • Have a rightful Testament
  • Have a revocable living trust
  • Note the designations of your beneficiary
  • Healthcare directives
  • Power of attorney
  • Insurance and other policies
  • Identity proof
  • Property deeds
  • Digital documents like IDs and passwords
  • Instructions for funeral

To Conclude

You might feel estate planning is extremely intimidating, but it very important and will serve your family in the long run in your absence if planned properly. In this way, you will benefit as your properties and other assets will be taken care of.  Keep the items discussed above available before you begin planning your estate with the best estate law attorney.

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