Some people have the wrong notion that “estate planning” is only for the rich and famous and leaving behind luxurious homes and countless millions to heirs. The fact is that everyone needs an estate plan to protect their assets and provide for their loved ones. This informative article on estate planning will help you understand the basics.
An estate plan allows you control of the legacy you will leave behind. It will make sure your property goes where you want it, long after you’re gone or in case you can not make a decision yourself.
There are several compelling reasons to consider essential and up-to-date estate planning documents instead. The value of an estate plan is to that they:
- help you avoid disputes and facilitate the decision-making of your heirs, which can reduce the stress, confusion, conflicts and issues they may encounter during difficult times.
- minimise property taxes, court fees and unnecessary legal fees for your loved ones.
- help you void the long-drawn-out process and costs associated with the will.
- make sure your health care preferences that extend your life are respected.
- help you indicate your wishes for funeral arrangements and expenses.
Some estate plans can be complicated, while others are simpler. Because this can involve complicated rules and laws, it is best to use an expert estate planner, TGB Lawyers – Darwin Wills and Estates. They can guide you through the process and make informed decisions.
A good starting point is to take an inventory of your assets, including your real estate, investments, retirement savings, insurance policies and business interests. It’s time to determine the various documents, issues and processes you want to consider in your plan, including the following:
Your will describes where you want your assets to go (and when). If you die without a will, you will not know who inherits your property. Instead, the government gets to decide how their assets (called “intestate deaths”) are divided and transmitted. A will is also the place to designate guardians for your minor children.
Advance Directive on Health Care
This document outlines who will make decisions about health care, including decisions about end-of-life care, if you are unable to make decisions yourself. In some places, these laws are also known as proxies for health care, living wills, designations of surrogates or agents, or designation of a personal representative.
A trust allows you to set conditions as to how and when your property will be distributed after your death. A trust can reduce inheritance taxes, protect property and avoid lengthy proceedings. It is also known as the official proof of a will.
As you can see, these are just the basics; thus, you must contact TGB Lawyers – Darwin Wills and Estates. There is no better prevention to future family disputes than consulting with the experts now.