If you have properties or cash that you wish to be handed over to one of your loved ones after your death with the least amount of legal hassle, you need to understand estate planning. Through estate planning, you can also take steps to ensure that your decisions with regard to your health care are fulfilled, especially when you are not in a state to implement them. This is not all. Apart from planning for your property and health-related wishes, you can also do the following through estate planning:
- Reduce the tax liability on your estate to the minimum
- Name guardians for your minor children, should something happen to you
Is Estate Planning For You?
Do you think that estate planning is only meant for people who have loads of cash and property? Well, it’s time to think twice and clarify your understanding of the concept of estate planning. You should consider estate planning if you own any of the following:
- Bank accounts
- Real estate
- Stocks and other securities
- Personal property, such as automobiles, jewelry, and artwork
- Life insurance policies /IRAs
- Minor children and/or beloved pets
What Do You Need For Estate Planning?
Usually people tend to put off estate planning and concentrate on more immediate matters at hand. However, this is not the right approach because you never know what life might have planned for you. A person can start estate planning when he or she is aged 18 years or more and is of sound mind. To properly plan for your estate, you should also be free of emotional stress.
While making an estate plan, you will need to put down your decisions in the form of legal documents such as a will, a trust and Powers of Attorney. The best way to go about this is to consult an estate planning attorney.