What's An Estate Plan And Why Do You Need To Have One Before ...

We are terribly busy in today?s world. We have roles to work, regularly kids to take care of, and when we will we like to relax and enjoy ourselves. It?s seldom that we have got the time or the desire to make plans for the future.

But tomorrow isn't guaranteed. As much as we really don't like to mull it over we might be gone tomorrow.

Where would that leave our families?

It?s truly a painful thing to think about. That's the reason why many of us put it off? Infrequently until it's too late.

Who would pay the mortgage if your deposit account was locked away in probate?

Would your children be in a position to continue their college and future dreams?

Are you even adequately insured?

Even if you do not have a large amount of assets your finances may be tied up for months or years. Your folks may not be able to take care of business.

Unless?

You have made plans for that contingency.

Generally someone does not get incentivized to make an estate plan till they see somebody else suffer. Perhaps a mate dies and they see what happens to the family as that person?s estate has to go through probate. Or perhaps an individual who the deceased never intended gets the majority of the estate. This is extremely commonplace.

Perhaps they have seen estate taxes get the majority of the assets as the monies were not protected with some simple trust or will declaration. This too is very common.

Maybe you have seen it with our own folks. They die without a will and you are stuck cleaning up the mess. Maybe the beneficiaries who received assets weren't the ones they really intended to get them.

And if they died intestate (without a will), the estate had to go thru probate court and a judge made all the calls as to who got what, even though they did not deserve or actually qualify. This frequently happens if a prior spouse was on an old will or still had claim to somebody's assets.

Having a clearly stated will would have avoided all of these Problems. Once there's a will of record the courts cannot make choices. The will becomes the final authority on who gets what and who are the rightful successors of any and all assets. It becomes quite clear in the court?s eyes.

So what are some of the tools you need in your estate plan.

A Will

Having a Will and Last Testament is probably the best and commonest legal vehicle that everybody has at their disposal. You can also create your very own will but I do not recommend it. Unless you are really familiar with your state's estate laws you could be doing as much harm as good.

A Power of Attorney

A Sturdy Power of attorney gives a specific person control of your finances should you become incapacitated or unable to make decisions. Be sure to have someone you trust allotted as your legal representative. Remember, should you die, the Power of Attorney becomes invalid. Your representative will have no power so be sure you have a will to cover what occurs after you die. You can have that representative become your estate executor if you want on your death.

Medical Care Surrogacy or Health Care Proxy

If you're in the surgery and have a terminal illness, you wish to make it clear what should occur if you go on life support. Without a Medical Care Surrogacy even easy medical info may be refused your family unless you have appointed who can get that information. This is awfully frustrating to friends and family if you become very sick. You owe it to them to have this critical legal tactic in effect.

Trusts

For some finance scenarios having a trust in place can protect useful assets and confirm they pass to your selected successors. A trust can avoid those assets from going to into probate court where a judge will make these decisions for you.

Well I'm hoping that has galvanized you to act. Having a solid estate plan makes good business sense and is vital if you would like to protect your loved ones from maddening financial Problems after you die.

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