After death what happens to all that you own? If you are yet to ask yourself this important question, now is the right time to do so. However, before you begin to think of life after death, it is important you note that upon your death, all that you own will be shared.
If you planned an estate and wrote a will, your assets will be shared based on the content of the will. On the other hand, if you failed to plan your estate, your loved ones will suffer the repercussions.
In this article, we’ll be discussing about estate planning. Let’s dived in right away!
What is Estate Planning?
Estate planning is a plan made to facilitate the management and distribution of a deceased assets upon his death or incapacitation. This plan involves series of legal document put together to create a plan that speaks for the estate owner after his or her death or during incapacitation.
An estate plan is often made with the help of a professional estate planning attorney. However, sometimes individuals often embrace DIY due to the cost associated with hiring an estate planning attorney. Nevertheless, we would always advice to create a will and other estate planning document by contacting an estate planning attorney especially if you have a large estate.
What happens if you don’t plan estate?
If you fail to plan your estate while alive, and you are said to have died intestate. In that case, your assets will be shared based on the intestate laws of the state. Put differently, if you died in New York, for example, and you failed to create a will while alive, your assets will be distributed based on the intestate law of New York.
The process is not usually smooth as with if you created a will. Your assets could be shared in a way you don’t approve. To avoid this ugly occurrence, don’t hesitate to contact an estate planning attorney and plan your estate.
Important estate planning documents
Below are a few estate planning documents
- Will: A will is a legal document that contains the wishes of the estate owner. Other things contained in a will are the name of the estate executor, the assets of the estate owner, the estate beneficiaries, etc. The will determines who will inherit the estate owner’s assets.
- Living or Revocable trust: Revocable trust holds and helps to manage your assets for your benefit while you are alive and designate individuals who will receive the property upon your death. This document can also be of great help in case you become incapacitated. In some states, this legal estate planning document is used to simplify probate.
- Power of attorney: This document allows an individual to designate a trusted family member, a friend, or advisor as an agent on his or her behalf for financial and legal issues. If you fail to set up this document and you become incapacitated, the court will step in and choose someone who will make those decisions on your behalf.
- Healthcare power of attorney: A healthcare power of attorney is a legal document that allows you to designate an individual who will make important health care decisions for you should you become incapacitated. Failure to create this document will allow the state to step in and designate someone who will make those decisions on your behalf.
Need an estate planning attorney?
Planning an estate can be a complicated process. It involves a lot of paperwork and legal documents like power of attorney, trust, will, etc. Thus, if you want to plan your estate the right way, it is important that you contact a professional.
An estate planning attorney can help you in several ways. This professional can help you plan your estate and help you create the necessary estate planning documents. If you need to update your estate plan, this professional can be of help as well. Also, if you have concerns or questions, contacting an estate planning attorney is the best way to find answers.
We boast of competent estate planning attorneys who can help you navigate the tough estate planning process. Simple get in touch with our office so we can offer you or your loved ones our professional services.