Many families are left in tussles and wrangles between them on who should inherit what and how. This is attributed to the fact that man rarely cares of what others get. When an individual dies, they are not able to be accountable for their properties. People in the immediate families want to have the properties to themselves. Proper planning should be put in place to avoid such an incidence after they leave.
Estate planning is the process of writing a document that entails how your properties should be shared among choose beneficiaries. An estate is property that each individual owns. Estate planning is for everyone and can be written at any time breaking the tradition of it being associated with the rich and retired.
There are many purposes that an estate plan plays.;
First of all, estate planning ensures that wrangles are stopped because the properties will be distributed according to the personal wishes of someone. Rightful heirs are fully recognized and set from the rest.
It also ensures that transfer of assets and other belongings especially liquid money in banks will be transferred without incurring big taxes from the government and insurance companies.
In order to make smooth plans after the death of an individual or mental incapacitation, some decisions need to be made beforehand by themselves.
Creating an estate plan requires some steps and tools to help it be complete.;
First, an individual should write a will. This ensures the properties will be passed according to an individual’s wish. A will should be clearly written and no two individual get the same property.
A witness in form of a lawyer should have a copy of the will. The main duty of the witness is to oversee the distribution of the estate.
Those assets left out in the will should also be directly assigned to people in a separate letter. If an individual feels that their assets be changed, sold or leased, they can clearly indicate this in an estate plan.
An incapacitated individual needs the help of someone to help execute their wish when they are no longer there. Here are some of the things the lawyer will do after death of an individual with an estate. Ensuring that all listed in the will get their share and those who are not should not claim a thing. He also must ensure that the taxes incurred in transferring the assets are as per the law.
Making sure that the minors are not neglected Characteristics of a good estate lawyer include. Having a lawyer who can keep secrets regarding the information being shared. One who is up to date with the law. Knowing what the industry required and having been there for a while.