What is estate planning? Estate planning is "the collection of preparation tasks that serve to manage an individual's asset base in the event of their incapacitation or death, including the bequest of assets to heirs and the settlement of estate taxes.
An estate planning attorney helps and guides you in choosing the correct options for maintaining your estate after death or in case of incapacity. An experienced attorney seeks to fully understand your desires and goals regarding the maintenance of your estate and other property and suggests ways to achieve those wishes.
All adults have the right to set out who they would want their possessions and assets to go to in the event of their death. Most people understand what a will is, but most do not understand the need for a will and many never even make a will.
As the name says "living will", from its name it suggests that it has got something to do with legal document. Yes, a living-will is a document in which an individual writes about his/her medical wishes and desires.
Your pets are an important part of your family, so it is vital that you include them in your estate plan. Like naming a guardian for your children, you can name a guardian for your pets. You should do so to avoid family disagreements if more than one person should want to care for your furry loved ones.
"What will happen when I die?" "Will my children automatically receive my property?" "Will other family members have access to my belongings?" "Who will take care of my children?"However once a living will is created, time can change things, and in some cases, living wills may need to be altered. This can certainly be done.
The advantages of writing your own living will come in the form of time and money. You will save time in that they are quick to complete, Often my Minnesota clients ask why some of the procedures in probate and inheritance matters seem complicated and sometimes old fashioned.
Life is so unpredictable - one moment you're at your best and the next you can be totally incapacitated. For many, it can come as a gradual process such as aging or a disease progression so you are left with much time to attend to your personal concerns.
The stock devices of hidden cameras, slick but misleading sales pitches and running camera interviews with soon to be convicted fraudsters, produced a long overdue expose of an industry riven with pitfalls for the unwary consumer.
If you're putting your life in order, and preparing to look after both your assets and the people that you love and care for, For many, the idea of creating an estate plan is something they'll do "later." As in when they're older, when they have more "stuff" or whenever they have some time to actually sit down and do it.
These days, you must choose between several options for leaving what is likely your most valuable asset to your heirs. And although each one has its own advantages and disadvantages, they all share the same requirement – planning.
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