Families fight over assets that are left for inheritance. The need for acquiring more and more property is the cause of all this. When an individual dies, they are not able to be accountable for their properties. Those who are deemed close are seen as the dominant beneficiaries. 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. Those who want to get the inheritance wrongfully are put at bay for they are legally not beneficiaries.
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.
Estate planning also ensures that an individual is able to make proper and important decisions that will benefit direct beneficiaries like funeral arrangements, guardians for minors among other decisions.
The following are required when making an estate plan.;
Proper designation of property should be done after death. This ensures the properties will be passed according to an individual’s wish. No two individual should be assigned the same property unless they are put in shares.
A witness in form of a lawyer should have a copy of the will. A legal practitioner for example will bring the matters to court and oversee the distribution in a proper way.
A separate letter otherwise known as the letter of intent should be written to touch on properties outside the will. An estate plan should also outline how the individual wishes the properties to be used.
A witness is required to testify on behalf of the deceased. The main roles of the legal witness include. He ensures that the properties are distributed according to the wish of the deceased. The attorney should ensure that the government does not take advantage of the situation by imposing high taxes.
A follow up should be done in case of minors and interpret what is the rightful age for them to own property. Some of the good lawyers in the estate planning world are distinct because of. One who can be trusted. A lawyer that is updated regarding what is required in estate planning. A good estate lawyer should have practiced before.