Estate Planning Is For Everyone

When you hear the term, “estate planning,” the first thing that pops into your mind is that “only rich people do this”. Well, you are wrong! Estate planning is for everyone! It doesn’t matter who you, what you do, are or if you are young and old, you can still start estate planning and it is extremely important. Don’t believe me? Let’s define estate planning.
ESTATE PLANNING – is the process of anticipating and arranging for the disposal of an estate. Estate planning typically attempts to eliminate uncertainties over the administration of probate and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries in incapacity.
That is according to Wikipedia. Why it is important now to start estate planning? It is because with estate planning, you can be sure that everything is in place when you are gone. You work hard not only for yourself but also for your loved ones. You want to provide them the most comfortable life. Now, because of your hard work, you have money, properties and assets. To whom are you going to give those things when you are gone? Estate planning ensures that your rightful heir will get what he or she deserves with less expense and taxes.
To make it clear, here is a list of the benefits that Estate Planning can give you:
• In case you become incapacitated or unable to make decisions on your own, you can appoint someone you trust to take care of your health care and manage your finances through a Health Care Directive and a Long-term Power of Attorney.
• You ensure that all your assets, money and properties are distributed to your loved ones.
• This plan will also serve as your protection from your creditors.
• This will also lessen income taxes when you die.
• It also lessens taxes, probate fees, your heirs’ income taxes and other problems in estate settlement.
• This will make sure that all your obligations to all the people who are depending on you will be met.
• This will also help you to get away from the intervention of the government.
Are you surprised with all the benefits that you can get through Estate Planning? Don’t be afraid to get started. It might look hard on the surface, but you will soon get the hang of it. To help you get started, you can pick up a book about Estate
Planning like Smart Tips for Estate Planning by Marvin Toy and Jim Yih. It will give you instructions that are easy to read and to follow. You will learn about having a will or a living trust. If you have children and assets, it is important for you to have this in place to ensure that your assets are in the right hands and to ensure the future of your children.
You will also learn how to choose an executor. Someone you can trust, even after your death, because this is not an easy task.
This person will settle all your concerns. Estate Planning will also help you decide what to do with all your investments and bank accounts. You have to be sure all the details are up to date and you have chosen a beneficiary. You can also learn about Trusts: what the different types are and which you can use in some situations.
Choosing professionals is also discussed. These are the people who will help you with estate planning such as financial advisors, accountants, lawyers and others. If you are a charitable person, you can get tips on how leave donations for the foundation of your choice.
You will get an idea of how to deal with your specific assets. There are still things that you have to know and this book covers it all.
You will learn about probate. When you have a will, this will be settled and discussed in probate court. This means that money from your Will/testate will be used to cover those court costs. It is better to be aware of this so you can do something about it ahead of time.
This book covers a huge scope including funerals. These are things that we have to face in the future. We can arrange them ahead of time. And if you want to help others through organ donation, you can also learn how to do that here.
You can also start thinking of your legacy or what you want your family to remember about you. You can make a scrapbook, a book of your life or movies so that the next generations can also have the chance to meet you.