What is Estate Planning and why it is important?
Estate planning involves making plans for the transfer of your property after death. Your estate is all the property that you own. It can include cash, clothes, jewellery, cars, houses, land, retirement, investment and savings accounts, during a person’s life, for the management and disposal of that person’s estate during the person’s life and at and after death.
Estate planning always starts with a simple document called will. and are usually the simplest device for planning the distribution of an estate. Additionally, wills also have some instruction regarding appointing a guardian for minor children or specify what funeral arrangements should be made at the time of death. All wills must pass through probate. Later comes the trusts. A trust created by will transfers property to the trustee at the time of the individual’s death. By creating a trust, the beneficiaries to the estate bypass the probate process.
Estate planning encourages individuals to make important decisions, such as appointing a guardian for minor children, choosing healthcare preferences, and securing funeral arrangements. Individual estate plans depend on the size of the asset, the number of beneficiaries and the purpose of distribution. An estate plan is created to reach the specific goals of the estate owner.
If you don’t have a plan, your state has one for you, but you probably won’t like it. The state law will control how your assets are used to care for you through a someone (depending on the term used in your state). If you don’t think you can afford an estate plan now, start with what you can afford.
Estate planning responsibilities include:
- Naming an agent of the estate to oversee the terms of the will
- Name a guardian for minor children
- Setting up funeral arrangements
- Include instructions for your care if you become disabled before you die
And a lot more. If you’re looking for an estate planning kindly contact len foy estate planning attorney in Nashua NH calling their number: 603–598–4030 or visit their website: www.foylawoffice.com