With due respect to the increasing uncertainties of human lives, you may always want to preserve your assets in a proper way. Estate planning is the process of managing your estate during your life span and even after your death such that there will be minimised income tax amount on it. Of course, estate is the net worth of your life at any point of time and also the legal rights and interests you own. The goals of estate planning depends entirely on you, it can be complex or simple. But there are certain important things you need to know about Estate planning. Here is a list 5 things which will help you:
1. Estate plans are universal- You may have a notion that Estate plans are only for those with bigger bungalows and costlier cars. This is absolutely wrong. Estate may be anything. Your entire belongings are termed as your estate, which can be of higher or lower values. Including your bank accounts and insurance policies, even your wall paintings, suitcases, etc are all a part of your estate.
2. Estate plans for minor children: If you want your children to flourish even after you expire, then planning your estates accordingly will help in the future financially. You can designate the funds to bear their education, living and folding expenses. You should prepare the guardianship documents so that your estate value is not eaten up by the agency guys and it reaches the required hands.
3. Estate plans executed before death: You are living in a world in which Estate plans can be brought into activity while you are still breathing. But you have to make sure that you are incapable of supporting your family any longer. Trust is important here since you have to appoint someone to manage your affairs.
4. Say no to probate: Everyone of us desires to exclude the cash cutting faced during the probate process. For that, you need to select a trustworthy and a qualified attorney. Having an attorney who may save your probate money is indeed better since the attorney fees are much lesser than those of the probate procedures.
5. Judge a rightful attorney: As a parent should be more aware of the protection and we’ll being of your children. But the disadvantage lies at the fact that attorney have an adult. He/she may misuse your funds with the power of attorney. If you want the best way to protect the interests of your children, selection of the right attorney is the most important step in estate planning.
Thus, one clearly notices that the power of attorney has the sole right to direct your life’s hard work. You may be influenced by frauds who will promise you to support your family but you have to be extremely patient and scientific about it. Since the entire Estate of yours which you have built depends on the hands of this person, you should judge him or her. Apart from that, the person should be extremely close to you for years. Hope you plan your estate well.