Estate planning can serve a variety of needs for an individual and their loved ones. In order to establish a decent estate plan, it is crucial to understand a few things beforehand. Multiple concerns might cross an individual’s mind before taking any action on estate planning.
For your assistance, here are a few handful concerns that you must comprehend for establishing a better estate plan.
Trust Or Will? Which One Is Best For You?
The purpose of both a trust and a will is to make an effective estate plan. A trust is a method through which you can avoid probate costs. A trust can be effective immediately upon its creation whereas a will is only effective after the demise.
This implies that a will allows you to appoint an individual who will be responsible for overseeing all the matters and for the distribution of assets after your death.
Moreover, the extent of inclusion of matters is different in both instances. In a will, everything that you can own can be included. Trusts serve a specific purpose, that is to say, only those assets will be included that are placed in the trust.
Therefore, choosing between a trust and a will absolutely depends upon the nature and value of the assets that you intend to transfer. To protect your estate, this is the first question that you must ask away from an estate attorney.
What Can Be Included To Make A Decent Estate Plan?
There is a wide-ranging list of items that can be included in an estate plan. However, the following two elements are the most important that you should not miss out on while working on your estate plan.
- List down your assets and make designations to whom your property will be gone after your death. This will protect the right of your spouse, children, and other beneficiaries to your assets.
- Do make nominations in case you become incapacitated because that will protect your assets from going into the wrong hands. Choosing a power of attorney is essential as they have a fiduciary duty towards the management of your assets and other financial matters.
These are the two top-most essential elements for every estate plan. However, you must always ask the lawyer what things to include in your estate planning so that your loved ones can avoid any emotional trauma that they can face after your death.
How Often Should You Make Amends To Your Will?
A person might experience a significant change in their life due to any life event. It can be a divorce, marriage, birth of a child, decision-making responsibility and parenting duties in the event of a divorce, passing away of a partner, etc. These kinds of life changes are a sign that you need to look at your estate plan and make updates to it.
It is pertinent to note that the happening of a life event is the only time when you need to modify your estate plan in fact you should review it after a few years so that your assets are catered to your beneficiaries according to your desire.
Contact The Lawyers At Ayaz Mehdi Professional Corporation
Needless to say, there are countless factors to contemplate for having a decent estate plan and oftentimes tricky situations may appear when you hop into the process of estate management. The attorneys at Ayaz Mehdi Professional Corporation are available to provide up-to-date legal assistance in estate planning matters within the parameters of governing laws.
Disclaimer: Kindly note that sending or receiving information through this site does not establish a solicitor-client relationship. Legal matters are fact-specific, and the law is variably changing. The views expressed and the content provided on this blog are general guidelines and cannot substitute for proper legal advice. Schedule your legal consultation by clicking here: Let’s meet!
