Estate,Planning,Necessity,Some business, insurance Estate Planning is a Necessity
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Some people feel that it is not necessary to do estate planning,because either they do not have much in the way of money or belongings,or they do not have children. This assumption is not correct. Ifsomeone owns anything that they would like someone else to have aftertheir passing, they need to plan ahead by drafting and filing a will,as well as establishing a trust.Filing a will is usually the first step of estate planning. This is alegal document that indicates how a person wants their belongings to bedivided after their death. Most people have an attorney draw up thedocument, though some choose to do it themselves. Once the will iscomplete, it is filed with the court and becomes a legally bindingdocument.Establishing a trust is something that more and more people arebeginning to do in order to place certain restrictions on their assets,save their heirs from the obligation of gift and inheritance taxes, orto help settle the division of property more quickly upon their death.Individuals with any amount of property can benefit from having a planof action pertaining to their belongings.There are two different kinds of trusts, revocable means that theperson can still have access to all of the assets of the trust, whereirrevocable means that the assets are no longer available for use bythe person who established the trust. When establishing this, mostpeople will go to an attorney who specializes the field because ifanything is set up incorrectly, it can render the entire documentinvalid.In addition, there are certain assets that are subject to taxation andshould be made a part of the estate planning process. These includelife insurance policies and pension or retirement plans. It isimportant that the attorney that is hired to draw up the will be onethat is experienced in these matters. In order to determine theattorney's experience it is best to do an in person interview andexplain to the attorney, in detail, what type of plan needs to beestablished and what assets will be included.Estate planning may make some people feel uncomfortable. Their owndeath may not be something they want to think about. It is important,especially for those left behind, to have everything completed. Whendealing with the death of a loved one, someone may forget importantdetails or they may not realize the necessity of working quickly.Moreover, they may not be prepared for, or comfortable with, thedecisions that they will have to make in order to settle thedesignation of property. Drafting a plan now can help save time, money,and hopefully some heartache during the months after a loss. Article Tags: Estate Planning
Estate,Planning,Necessity,Some