Significance of Estate Planning In The Life of Every US Citizen

Significance of Estate Planning In The Life of Every US Citizen

Estate planning used to be imagined as a luxury-expense only the rich can afford. That thought process has changed now, evident by the number of middle-class families who have started estate planning. Estate planning includes the designation of heirs to a decedent’s assets, whether it is a house or a stock portfolio. If left up to the court, the distribution of assets would not reflect the true intentions and motives of the deceased. Hence, families exposed to future financial planning prepare and secure themselves in the event an earning member or the family dies. 

Reasons for Having an Estate Plan

Estate Plans give individuals assurity; their assets will not be squandered and distributed in a haphazard manner. Read the following section for why estate planning is essential to invest in:

  • It’s reflective of how you would want to distribute your property.
  • Minors can inherit your wealth. You get assurance that they will be financially secure.
  • Estate plans: protect your loved ones from the Internal Revenue Service (IRS). 
  • Fashioning an Estate Plan involves transfer of assets in a manner which reduces federal taxes, state inheritance tax, etc. on your loved ones. 

If an estate plan is not detailed then there can be potential disputes in the event of an individual’s death. Remember to always invest in a detail-oriented plan. A family is prone to bouts of aggression if your estate is divided in a manner which does not do justice to the role they have played in your life. Without an estate plan, the distribution of your assets will be in the way of Intestacy laws. 

The Value of a Valid Will

The value of a valid will is described best using Intestacy laws. Dying without a will means that the legal courts gain temporary possession of the decedent’s property. It is then the courts get the task of distributing the property equally amongst heirs. The only problem that arises when an individual dies intestate is that the court will not know how to distribute the property in a manner which the decedent would transfer it. 

Dying intestate means that your intestate inheritors may not be able to receive any of your assets, or your estate, or a long time. Furthermore, to avoid the messiness of the Probate process, hiring an attorney as a Bailee under the will is imperative to do. It also ensures that the will gets recognition as a legal document of relevance.

An attorney with a strong foundation in UPC (Uniform Probate Code) clauses can help you draft a concrete will which is error-less and is straightforward and easy to comprehend. At the end of the day, your Will acts as a shield for your spouse and your children. Not investing in a good plan will be consequential for your family. They will have to fight to determine which family member entitled to which asset. 

Estate Planning Essentials 

Find below a list of legal documentation and items every estate plan needs to have in order to ensure the Probate process moves along smoothly:

  1. The Written Will or a Trust.
  2. The durable power of attorney.
  3. Beneficiary designations.
  4. Letter of Intent.
  5. Healthcare power of attorney.
  6. Guardianship Designations.

Final Thoughts

Taking into consideration the above mentioned tips, one can see how necessary it is to have a legal representative. He/she will carry out your Will in the event of your death. Investing in an estate plan, therefore, is an expensive decision. Yet it is necessary in order to guarantee your family members immunity from the trouble which will ensue after your death. This documentation is also essential to specifically stipulate clauses for certain contingencies. This includes the adult beneficiaries use of the inherited property. 

Additionally, a power of attorney is a form of validity which verifies that a family is indeed being represented by a lawyer. In this instance, a family’s hired attorney does not exist in the eyes of any legal court. A beneficiary designations and guardianship designations are similar to the power of attorney. They are the legal proof that these designations exist.

Families have always had the impression that creation and formulation of a will is an arduous process. They think it will drain more resources than it will help their family recover. However, this attitude has recently shifted. Today, more and more people are willing to accept that making a valid Will, which is, in fact, a form of investing for your family and children. Guarantee your children inheritance property and start strategizing estate plans today. 

Table of Contents

Disclaimer:

The information provided in this blog post is for general informational purposes only. All information on the site is provided in good faith. However, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on the site.

Under no circumstance shall we have any liability to you for any loss or damage of any kind incurred as a result of the use of the site or reliance on any information provided on the site. Your use of the site and your reliance on any information on the site is solely at your own risk.

This blog post does not constitute professional advice. The content is not meant to be a substitute for professional advice from a certified professional or specialist. Readers should consult professional help or seek expert advice before making any decisions based on the information provided in the blog.

aeecorp.net alianda.net giftsandflowersdelivery.com capnken.com chadgill.com mdkchild.com oconeefps.com vegchip.com localdentistnj.com pedare.org rushcover.com 10-10ths.com abvakabo.net personalattorneynewjersey.com graficas.us csteefel.com oqprogram.com hogchow.com nearmepersonalinjurylawyer.com exotechs.com slawson.net kengunn.com cosmeticdentistrybk.com dentistnearmetoday.com thescinc.com sensney.com porcelainveneersbrooklyn.com guyjamm.com actslab.com iklanpr.com dudedog.net jongery.com frogetha.com mayieka.com tahoerf.com namekeg.com skytudor.com digacomp.com elyrical.com abacobeachdivecenter.com zamichow.com fernworx.com rozei.org herzstein.org noniene.com webtvdoc.com arenauk.org omniali.net oolitic.net slimlife.org sentrabd.com gladych.com petrifiedtoad.com sourebh.com nslijhs.com tgspider.com lektura.org demycom.com ospreyam.com antacids.net mywebpad.com mvscrew.com lowellmovers.net gotshui.com locallawyerblog.com unimarts.com misrasi.com locallawyersnj.com alum-tek.com ubertor.net dental-aed.com medicalmalpracticeattorneybronx.com dentistnearmebronx.com defwords.com gocamden.com amprose.net mcamics.com webboss.org virdiusa.com medicalmalpracticelawyerbronx.com divinev.com lawyermarketingmiami.com nearmepersonalinjurylawyers.com medicalmallawyersbronx.com allaxion.com lphilton.com osaruman.com jaxguide.com thecall.net cssvoip.com bcsgifts.com plastron.net dentistnearmestatenisland.com popeafb.net bestbrooklynattorneys.com mrshines.com nearmeattorney.com dentistnearmequeens.com localseolawyers.com whysdmi.org lowratescarrental.com sjwalter.com dentalbrooklyn.net wofsmail.com spgurley.com omalawyers.com etalgom.com gmzbuyers.com cadsteam.com ewgapdx.com theellen.org jdevien.com booksavy.com dentalbrooklyn.info avitexas.com ebizthai.com localseodental.com castsoxs.com vr5xs6yh.com ridemoor.com brooklynadvanceddentalcare.com escorts-nyc.net personalinjuryattorneysnjs.com fastpawnonline.com toothimplantsbrooklyn.com rootcanalbrooklyn.com mearabia.com togtouch.com epcdaily.com timesfcu.com lawyersbk.com vaianisi.com cybewire.com giftsandflowersdirectory.com mooredns.com dentistnearmenewyork.com gp-beautysalon.com oxadrine.com boxsteps.com 3bliving.com psychdog.us foralbum.com eurofixpaintingandtile.com dentistrybk.com arielber.com akatonia.com ilcorail.com elitepersonalinjuryattorneys.com dentistnearmebrooklyn.com famsvane.com dentallabny.com nearmepersonalattorneys.com teethwhiteninginbrooklyn.com dentistnearmelongisland.com moversframingham.com mydentistbrooklyn.com colacake.com paradiselocksandkeys.com carsfile.com solapnet.com ausburyparkmovingcompanies.com dpfeeney.com nearmedentals.com homeinhb.com joeyspcs.com locallawyernyc.com icubeweb.com avifiles.com dentistbk.com regismfg.com bencamel.com playkiwi.com hosearch.com fondaciocanada.org click2classic.com nearmepersonalinjuryattorneys.com invisalignbrooklyn11229.com toothextractionbrooklyn.com locallawyersny.com siyangbi.com eriefsbo.com teserint.com gaiacred.com bigapplegoldbuyer.com homeimprovementgeneralcontractors.com tofuclan.com funeatin.com soldrite.com siyiyoga.com getmilko.com myhelong.com nearmepersonalinjuryattorney.com walibris.com etard.net arkrocks.com pansdora.com limmudtr.com lungsusa.org golisters.com newyorkaccidentslawyer.com greytblog.com ovolaw.com medicalmalpracticeattorneysbronx.com electionreceipt.com depsites.com opasm.org rcadss.com lamassio.com personalinjuryattorneysnys.com funemoney.com benramon.com izandoli.com leicsvle.com busiwebs.com coolnewt.com jrhome.org affirmers.org pvbgc.org localattorneynj.com sehah.org xtcplace.com djonfire.com epaops.org hometheatermiami.com peelseek.com jandavidson.net nappyboyent.net nygot.com ziggs.org uniquedayspa.net vistamro.com pdmanewengland.org ewanrose.com lawyersconsult.com grovepto.org disfilca.com artmystic.com ocany.org quarkpark.info paingold.com tactfoot.com marmasse.com iddmiami.com cdstrees.com lostel.com itxoft.com sparltech.com
On Key

Related Posts

Trusts and Wills
Federal Law

Understanding Trusts and Wills

Introduction to Trusts and Wills Trusts and wills are crucial components of estate planning, serving distinct but complementary roles in managing and distributing an individual’s

Read More »