Many people believe that estate planning only involves drafting a will or trust. However, it’s much more than just planning for a will. It includes many other documents and agreements that take place. Estate planning includes different legal documents including Healthcare, will, trust, caretaker, attorney, etc you can use Epic legal document solutions for estate planning documents and effective estate solutions.
Throughout your life, you work hard for yourself and your family. If you do not plan your estate, it can lead to chaos, legal Battles and more after death. You would want you’re loved ones to get your possessions and estate planning will help you
Who Needs It?
Many people believe that estate planning is limited to will. However, that’s not true and is important for everyone who has some prized possessions including shares, properties, etc.
Documents Required In Estate Planning With Epic Planning
When you plan your estate for the future, there few documents that you will need such as:
Will: The basic aim of a will is to outline your wishes and who is going to receive your Assets on your death. The Will also choose Guardian for your children in case you or the other parent cannot act.
Living Trust: Living trust is somewhat similar to your will. As you will be laying instructions on who is going to receive your Assets after your death. With trust, your assets are going to be placed in the trust during your lifetime. Upon your death, these assets will be transferred without any probate.
A living will: It is an advanced variation of the Will that allows someone else to make decisions for you, especially regarding your health.
Power Of Attorney: When someone else makes financial decisions for you that you are unable to make.
These are essential documents for estate planning, there can be more documents depending on your estate plan. Your top estate planning attorneys can help you with legal documents.
What If You Pass Without Any Estate Plan?
If you don’t have an estate plan, any property that you own jointly will automatically pass on to the other owner. Your life insurance, funds, retirement plans, etc. will pass on to designated beneficiaries. Each state has its own laws for the estate when a person passes away without a will. So, the state will handle the distribution process of your assets. You can consult epic retirement services consulting llc for retirement plans and estate planning.
What Are The Key Considerations For Estate Planning With Epic Home Services?
Management of property and possessions: Basics of estate planning include who is going to manage the property and who will receive your property after death. It is important for you to list your valuable assets and get their valuation. Apart from that, you need a list of beneficiaries for your will to whom you are going to leave the asset.
Distribution of assets: Another important thing in estate planning is the distribution of assets before the demise. Planning who will receive your assets after your death is highly important especially in the case of a large family in order to avoid conflict between the family later.
Designating a person: When the person is alive who is going to manage the Healthcare decisions, and financial decisions and provide personal care? It is also an important part of straight planning. Moreover, if you have minor kids, who are going to be the guardian.
Why Do You Need To Take Professional Help For Estate Planning?
Estate planning involves a lot of legal and official matters to handle. Right from planning a legal will to the distribution of assets, estate planning consists of a lot of Complex things to manage. Therefore taking advantage of professional estate planning can help you manage your estate effectively. Moreover, it will reduce the conflict between families and you can find an effective way to distribute your assets. Professionals can help you give directives to Healthcare, create a Strong legal will, make sure your properties are protected, help you understand estate taxes properly, store your documents and many other legal requirements.
Many people believe that they do not have enough assets or plenty of time to think about estate planning or they are not old enough to think about estate planning. However, that’s not true, you can plan your estate and property for your family even in your 30’s or 20s. You don’t have to own a certain amount of money or property for estate planning. You can protect your assets and family with proper plans.
Estate planning is important for every individual who owns some assets. No matter the value, for your family protection as well as to reduce conflicts, it can help you. With attorneys, you can manage and protect your estate effectively.