Many families are left in tussles and wrangles between them on who should inherit what and how. The need for acquiring more and more property is the cause of all this. This happens in the case of death or mental instability of an individual and he cannot manage or own his property anymore. Those who are deemed close are seen as the dominant beneficiaries. In order to avoid such, an individual should ensure that all who are left get covered with one thing or another.
An estate plan is a document written by an individual either by themselves or with the help of others that allows in making plans in advance and naming who you want to be a recipient of the things you own after death or mental instability. An estate is any asset liquid or tangible that an individual owns. Both the rich and the poor have assets.
Estate planning is important for the following reasons.;
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.
Some decisions need to be made by an individual especially if they are a leading figure in a family or society.
The following are required when making an estate plan.;
Proper designation of property should be done after death. Unintended beneficiaries are put away when a will is written. No two individual should be assigned the same property unless they are put in shares.
A trusted and right individual should ensure that the will reaches to others when they pass away. An attorney will come in place and help in distributing the estates with the help of the court.
it is not dictated for each estate to be written in the will. A clear guideline how things should be shared has to be released in an estate plan.
When an individual is no longer there, they will require another person to help in overseeing what they wished for. 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. 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. Characteristics of a good estate lawyer include. A trustworthy individual who you should feel comfortable sharing intimate details of one’s life. A lawyer that is updated regarding what is required in estate planning. Knowing what the industry required and having been there for a while.