Estate Planning: Getting it Right
Because of the many misconceptions and wrong information that surround estate planning, many Americans do not even give this subject much thought. Thinking about their own end is such a morbid concept for many that it is natural for them to shun away from all things related to death, including how their assets are going to be divided among their heirs which is the crux of an estate plan.
But having an estate plan can be considered as your final act of love to the people and even organizations that matter to you. Estate planning allows to efficiently and effectively transfer ownership of your assets and properties to your beneficiaries while minimizing taxes and other costs as well as shortening the transfer process after you have passed away.
Contrary to popular belief, estate planning does not only encompass how your assets are distributed according to your wishes in the event of your death. It is a given that your estate should have enough money to pay for your funeral expenses. But part of a good estate plan is designating who manages your assets and funds as well as who will making medical decisions for you when you are incapable of making such due to physical or psychological illnesses or conditions.
Even if you only have a few assets, you still need to have an estate plan. If you have people who depend on you for support—whether a spouse or children—you have all the more reason to see an estate planning attorney to discuss the objectives you want to achieve with your estate plan and the legal ways by which you can meet these goals.
Planning your estate is more than just making a will—although that is certainly an integral part of it. Intricate steps are involved in this process to ensure that your estate plan truly reflects your wishes.