After hearing the term estate planning, most people think that it is just for the wealthy. People with a considerable amount of money are the ones that care about what they pass on to others. While the billionaires and millionaires do have a knack for estate planning, they are not the only ones that can benefit from a good estate plan. Yes, you non-billionaire can benefit from planning; you don’t have to be super-rich and successful in distributing your possessions. Estate planning has very little to do with being rich.

Planning Your Estate

When you are going through the estate planning process, it means that you get to decide how your possessions of yours will be distributed after your death. There is no doubt that it will also decrease the burden that your loved ones have to take when making decisions such as property division. Regardless if you own a small co-op or a portfolio of buildings, don’t you want to control who gets what?

List The Assets That You Have

Having a proper estate plan is an effective and efficient method to ensure that the whole estate planning process goes smoothly. However, everything isn’t as easy as it seems. First, you need to make sure that you form a list of the things that you own. This could include real estate, investments, family heirlooms, bank accounts, vehicles, etc. You also need to ensure that you keep updating this list of yours periodically. Then, you can keep on adding the things that you acquire as your property.

Making A Will

This is one of the most important things you need to include in estate planning. Your will would be the ultimate legal document that you need for the process. This written document would dictate the entire distribution process of the property you have after your passing. In case your death occurs before the creation of a valid will, the state law has the authority to govern the entire distribution process of the estate. Also, the state law can decide who is eligible or capable of becoming the guardian of your children that are minors.

Update The Beneficiary Information

Here is the one crucial thing without which your estate planning process will not be complete. It would help if you made it a particular event annually to check and update the beneficiary information for sure. This can save your family and loved ones from probate costs and the additional burdens that come with it.

With an intelligent estate planning process, anyone would be able to do it in the best way. You don’t necessarily have to be rich, as proved in the above points. All you need to do is have some property that can be distributed amongst the people you love and trust. The process is entirely straightforward.

Having An Up-To-Date Estate Plan Is Important For All

The wealthy people and commoners can take part in the estate planning procedure. We are here to tell you that having an estate plan is essential and efficient and an integral part of one’s consideration when contemplating retirement. There are so many different benefits that one can get from creating a proper and effective estate plan. Here we are going to mention some of these right now.

Conclusion

Having an estate plan is not just important for the wealthy but also for mediocre property owners. This helps establish proper relationships between your loved ones and settles property distributions after your death.

Undoubtedly, it is tough to contemplate your very mortality, and we completely understand it. But then, some people ensure that their wills are planned along with their estate so that their loved ones can live in peace after their deaths. Of course, the people who have an immediate family are the first to do it. However, in the case of no family members, what do people do?

It might not be that common for the owners to provide something for their pets in their wills and trusts, but this practice is catching on. More and more people are trying to make specific provisions for their pets. Estate planning is very important, and people ensure that their pets are well taken care of after their deaths.

Why do You need To Include A Pet In Your Will?

Now you must be wondering why anyone would want to include their pets in the will. The problem actually lies in visualizing what it would be like to have a pet of your choice. Most people don’t even know that such an option is available for those who want it. However, some law firms tend to provide such services. So many people have questions regarding pet estate plans. So, here we will give you some answers and thoughts regarding estate planning for pets and who will be looking after your pets after you’re gone.

If you don’t include your pet in the estate planning process, the pet would be considered a ‘property’ under your will. So, the state law will decide where the property goes. They will be determining the future of your pet. Hence, some people make their pets an inclusion in their wills. This is to ensure that their future is secured in case of the owner’s death.

What To Do While Estate Planning For Pets?

So, during estate planning for pets, what does one do? Well, there are certain things that the owner will be able to do. There is an option where the owner can designate a person to look after and take care of the pet. This is similar to handing some property over to a designated beneficiary. There is also another option that they can choose, which would be the creation of a particular pet trust. Now you might be wondering what exactly that is. The pet trust can be included in the will or be a separate legal document and have a reference in the choice. This is dependent on the laws of the state.

With a pet trust, there would be a person who will be the guardian owner or the trustee of the pet. This trust can also offer some assets to the pet’s care and needs. There is another consideration that people can make. Taking out a particular portion of the life insurance and adding the trust as a specific beneficiary is also an option most people choose. This depends on the insurance company, and if they allow this, then the pet trust would have this particular asset to get the help from after the owner’s death.

So what happens if there is no accommodation provided for the pet and there is no one to take care of it? The pet would be offered to the local or state animal control board, which is not a very good idea. Hence it is advised to have estate planning for pets to make sure that they are looked after.

Conclusion

If you want to have proper estate planning for pets, you need a lawyer to help you out with certain trusts and wills. To some, their pets are their best friends. So why not make sure that your best friends are safe and well cared for when you are no longer around.

Being parents has always been a tough job. Taking care of your children and making sure that they are safe has always been the primary cause of concern for all parents. The same is the case in estate planning as well. Those who have children need to make sure that their estate plan primarily includes their children’s financial stability, especially when they are minors. Thus, this article is here to help such parents who need to develop the best estate plan for their children’s safe future.

Some Tips for Estate Planning for Parents

There are some critical points that you must consider while taking care of estate planning if you have offspring of your own. Here are some tips which are going to help you in this respect.

Tip 1: Leaving Assets Right to Children

Giving all the rights of the assets to the children, whether they are minors or adults, is not a wise choice. It would help if you were careful while making such decisions. Because, after all, they are young. And with all that money, it will be difficult for them to manage. They might spend all of the funds within a few years. So, it would help if you made this decision very carefully with lots of consideration.

In this respect, you can leave the assets to a guardian, who will take care of them until your children reach a certain age. This way, you can safeguard your money for the long term, and in the meantime, the guardian will be able to train your children about handling money and all the other assets.

Normally people would consider the guardian as their spouse. But, if you do not have that option, you can choose a close relative who can be trusted because you do not want all of your money to go into the hands of the wrong people at the end of the day. They might take advantage of it. So, go slow and think wisely before making such decisions.

Tip 2: Write A Will

Writing a will is so necessary if you have children. As mentioned above, if you cannot trust your children fully with the assets, you need to have a guardian to take care of them. You can appoint this guardian through the will. You need to name the person in the choice and give them all the rights of your children while you are around.

This step is essential for the parent while attempting estate planning because if the guardian’s name is not mentioned in the will, the decision will go to court. The court will get to choose the guardian for your minor children, and this choice might not match your preferences. Writing goodwill with proper directions and appointing a guardian is essential to avoid this situation.

Tip 3: You Must Have A Life Insurance

Life insurance is more of a financial choice than a legal one. But it is one of the smartest moves you need to make as a parent. Life insurance guarantees your family a certain amount of money on your untimely death.

This ensures that if one of the parents dies suddenly, the other parent will get a good amount of money to stabilize the family again. This is a sensible decision for people who have children. If something happens to one of the parents, the other parent will be able to take care of the children with the insurance money.

Tip 4: Designation of Beneficiaries

Beneficiaries are those people who will have the right to all your savings accounts after your death. So, if you have children, try to make your spouse or your children the beneficiaries of funds so that when you are no more around them, they can still have the required financial stability. If you fail to put the name of beneficiaries in your accounts, there might be a contest among family members regarding the money, which will only lead to a mess.

Conclusion!

Responsibility is the primary key to parenthood, and the only way you can fulfill your responsibilities towards your children after your death is through estate planning. So, make sure you make the right choices while making the plan. Speak with an experienced estate planning lawyer to learn more about how estate planning can best benefit you and your family.

Are you single, and you are retiring soon? Then, this is the right time for you to do some estate planning. Estate planning for single people is essential as, after their death, there won’t be any proper heir or beneficiary to their assets. Thus, it is necessary to make appropriate estate planning if you are single or widowed.

What Does Estate Planning Include?

Following are some of the must-have items which should be there in any estate planning

The Importance of Estate Planning

It does not matter whether you are single or married while having an estate plan. This legal document provides safety and security to your loved ones and ensures that all your hard-earned belongings are kept safely with the people who care about you.

Thus, estate planning is not only a practical decision but also an emotional one. It offers you peace of mind before dying that all you love will be taken care of no matter what.

Tips for Singles About Estate Planning

Here are some tips that can come in handy for any single earner regarding estate planning.

Take Time to Make Your Estate Planning

Even if you are single, you need to have an estate plan. Primarily married couples give most of their belongings to their spouses. But since you are single, you do not have that option. So, you need to sit down and think carefully about who would be perfectly suitable to take care of your assets after you are gone. So, take your time and decide accordingly about the beneficiaries.

You Have to Have the Power of Attorney and Health Care Attorney

As stated above, you need to have a power of attorney and a health care attorney. They will take care of you even when you are alive and unable to make your decisions. A power of attorney will look after your financial matters while the healthcare proxy will care for your medical decisions.

So, while choosing people for both of these roles, you need to be careful. It will help if you trust them fully before giving them huge responsibilities.

Choose Your Heir

As you are single, you need to decide who to consider as your heir. Usually, people give it to their children or their spouse. But if you are unmarried, without any children, you need to identify your most loved one who you can trust completely with your hard-earned assets. Try to give this to the person close to you who can benefit the most from your investments.

Update the Planning

It is not necessary that you cannot change it once you have made the estate planning. You can change and update your estate planning until you die. So, if you ever feel like making some changes, you can correct them accordingly.

Conclusion!

Estate planning is essential for all people in the world, whether married or unmarried, and we hope that this article will guide all the single people working towards their estate planning! However, estate planning can be problematic contact us today to set up your free consultation with one of our experienced estate planning lawyers to see how planning can help you.

After getting married, one of the most important legal decisions a couple makes is estate planning. Estate planning ensures that after you are gone, your spouse and your children are well taken care of. Thus, this article pertains to the various elements that a married couple must consider during estate planning. Proper and well-documented planning is the best way to distribute your assets among your loved ones.

What Is Estate Planning?

Estate planning is a legal procedure through which you can distribute all your belongings and assets among family members and friends who you intend to. Since it has to be done legally, care must be taken while distributing the assets to avoid a mess later.

Why Is Estate Planning Necessary?

Here are some of the common and essential reasons any married couple should opt for estate planning.

Estate Planning for Married Couples

There are so many reasons why married couples must consider estate planning. These are some significant reasons and tips for married couples regarding estate planning.

Tax Deduction

It is one of the most popular reasons married couples opt for estate planning. If you give all of your estates to your spouse, you can lessen the tax burden. This is called the marital deduction. The estate would naturally take a marital deduction for the amount of property your spouse inherits. But the thing is, there is no limit to the marital deduction. So if you want your spouse to take care of all your assets after you are no more, this is one of the best ways.

Child Guardianship

If you and your spouse have minor children, then it is necessary to mention the guardian of your children in the will. This is necessary as it will ensure the child’s custody after your death. In the case of the end of both the parents then, the child is given to a third guardian. Mostly the guardianship is given to the better half or a very close family member.

Remember, if you have no children or children who are not minors, then legal guardianship is not required in estate planning.

This same rule applies in the case of pets as well. You can appoint any guardian to your pet if something happens to you. You can legally give the authority to the appointed guardian through estate planning.

This shows that the estate planning field is very dynamic, and you can use it to legally distribute all your belongings to specific people of your choosing.

Marital Property Distribution

Marital property pertains to the property you have acquired together as a married couple. It can be a joined account or a property, or a car. Generally, if one of the partners dies, the property goes to the other. But it would help if you discussed with your spouse who to give it to if you both meet with an accidental death. You can provide the authority of your marital property to your children or a close relative who you trust the most. It is necessary to always pass on your assets to people who would take good care of them.

Health Care Planning

This is a must for people who are thinking of estate planning. Through health care planning, you can give authority to your spouse to make medical decisions for yourself just in case you can’t do it yourself.

Conclusion!

All married couples need to have proper estate planning, and we hope that this article will help you in this respect.

A lot of people are more interested in planning their vacation trips rather than estate planning. They think that estate planning is only for the wealthiest in the world. But these people couldn’t be more wrong. Estate planning is an essential plan that should be included in everyone’s life. It is all about the safety and security of your family members even when you are not around. Thus, this article answers the obvious questions about why you should have an estate plan.

What Is Estate Planning?

Estate planning is the overall transfer of your assets to your loved ones. In estate planning, you can decide about the distribution of your investments among your loved ones. As a result, they can still be finically secure and independent when you are no longer around.

Why Do You Need an Estate Plan?

Here comes the obvious question of this article. We know that people are struggling with this question, and in the end, they think they don’t need an estate plan. But that is ultimately a wrong conception. There are so many reasons why you need to have an estate plan. Some of these reasons are mentioned in this article.

Estate Planning Allows You to Make Your Own Choices

Through estate planning, you can choose who gets what. You can easily divide your assets according to your own choice. The decision goes to the court in the absence of any estate plan. The court chooses who will get what amount of your assets. And this decision might not be in sync with yours. Most of the time, the family members start contesting regarding the asset distribution. This makes the relationship within the family very bitter. Thus, it would help to avoid such issues if you had proper estate planning.

It Will Protects Your Children

With people having children, estate planning can be of great help. Imagine that you do not have an estate plan and die suddenly due to an accident. What happens to the future of your children? How are they going to survive? To avoid such situations, you need to have a strong estate plan that will ensure that even after your death, your children will be financially independent and won’t be facing any troubles whatsoever.

You Can Reduce Your Taxes

A lot of your money can get eaten up due to taxes on your property. This can be easily avoided by having a good estate plan. You can consult your lawyers and financial counselors regarding minimizing the tax. Eventually, if you develop a healthy-structured will and estate plan, your heirs can be protected from paying this massive amount of taxes. Most couples go for this option to mitigate taxes.

You Can Continue Your Legacy

Estate planning is all about protecting the things and the people you value the most. By making a proper estate plan, you will not only take care of your loved ones, but at the same time, you can ensure the safety of all of your belongings. The assets that you have built through your hard-earned money need to be protected no matter what.

It Will Help in Business

For people running a company, a minor factor or a big organization. Estate planning is a must. This company needs to continue even after you are not around. Thus, you need to have an estate plan stating the power of attorney of your company so that after you are gone, your company is well taken care of. In the absence of any will or estate plan, your company might be seized by the government or fall into the wrong hands. Thus, it would help if you had proper planning for your business.

It Helps in Charity

It is not necessary that all of your hard-earned money has to go to your loved ones only. You can even donate an amount to charity if you want to. This can be done quickly using an estate plan. You can include your favorite charity in your will in your trust and the share of assets you want to donate them.

Conclusion

Whether rich or poor, estate planning must be a top priority. And the best time to do it is now!