Advantages of Estate Planning:
- Property goes to the right beneficiaries. The estate plan you made will exactly outline where your assets are going in the event of your death.
- Provide for your family. The estate plan you made will help your family with their living expenses and payment of bills. With a good estate planning, it ensures that your family is provided for and not left to face financial problems once you’re gone.
- Reduce taxes. When you are going to make an estate plan, you must be able to keep the cost of transferring any property to your beneficiaries at a minimum.
- Plan for incapacity. If for instance, you become mentally or physically incapacitated, the estate plan you made will summarize all the choices you made regarding life like who will make medical decisions on your behalf.
- Provide for those who may need it. If you have an incapacitated child or child with disability or grandchildren who will be attending college in the future, you can set up a trust to provide funds to support them with the estate plan you made.
- Minimizes estate taxes and probate fees.
- Designates charitable gifts.
- For business owners, it ensures your business will be handled the way you desire.
- Specifies who you want to look after your last wishes.
- Revocable Living Trusts
- Last Will and Testament / Probate
- Lifetime Gifting
- Joint Ownership
- Beneficiary Designations
- Life Estates
Will-based. Your foundational estate plan includes the four (4) important documents.
- Last Will and Testament. Last wishes concerning the affairs and distribution of estate.
- Advance Medical Directive. A document you sign to inform your doctor that you do not want to use any life-sustaining treatment when you become ill to prolong your life.
- Living Will. A document that state an individual’s wish for end-of-life medical care when they are unable to communicate their decisions.
- Financial Power of Attorney. It is when you give the agent the authority to manage the financial life of the principal when you are unable to do it.
- Pour Over Will
- A document wherein the writer of a will creates a trust and decrees in the will that the property in his estate at the time of his death shall be distributed to the trustee of the trust.
- Revocable Living Trust An agreement that states how an individual’s property shall be distributed and managed during their lifetime and after death.
- Advance Medical Directive
- Living Will. A document where the signer chooses to die rather than be kept alive by artificial means.
- Financial Power of Attorney
The purpose of the article is for information only. Seek professional legal advice for any of the above services.
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