Death is not something anyone wants to think about; however it is inevitable and being prepared and making plans is important. It will aide those you love in eliminating the pain and headaches associated with your personal property, money and all other interest you have at the time of your death. The sensible thing to do is to employee the services of an estate planning lawyer and receive an overview of estate planning.
There are different aspects involved with this type of planning. It is a myth that this type of preparation is only for the rich, it is for everyone. You may not think you need to make these preparations but if you have any personal property, real estate or any assets or interest then you should be making arrangements for the distribution or they could all or in part become the property of the government. Making your wishes known ahead of time will save a lot of work for your family and could avoid having to go through probate.
There are many misconceptions in regards to this type of arrangements, which is where the services of a professional attorney specializing in this field would come in. Many people believe having a will or more commonly referred to as a last will and testament is all that is needed; however a will is just a legal document expressing your wishes for the distribution of assets after your death and naming a person to be the executor. A will is subject to probate, unlike a living will or more commonly referred to as a living trust.
A living will or trust is also a legal document; however the difference is the trust holds title and ownership of all your property and assets. This probably sounds like you are relinquishing all ownership and rights but you are not. You or you and your spouse have full ownership and control of your assets while you are living. The main advantage to a living trust is upon your death the estate will not be subject to probate and the trustee can immediately distribute to your beneficiaries. Another advantage is your living trust is irrevocable at the time of your death and the trustee or successor trustee will be bound by law to carry out your wishes without any changes.
Another very important distinction between a living will or trust and a last will and testament is that a living will or trust does not go through the probate process. This means if someone contests a living will or trust they must file claims against all beneficiaries involved. Whereas if a last will and testament is contested all assets are frozen and held up in probate until the issues are resolved or settled. This could take years depending on the amount of assets.
Believe it or not preparations for your death include more than just making arrangements for your property and assets. Planning includes advanced directives and investigation of possible advanced gifting. Advanced gifting can cut down on the amount of taxes that have to be paid. Advanced directives are established to carry out your healthcare wishes if you become incapacitated by eliminating the pressure on family members of making a decision.
There is a lot involved in planning and making arrangements for your death but making these provisions ahead of time will make it a lot easier on loved ones and can save a lot of time and heartache. The more knowledgeable you are regarding the facts the easier it will be to make your decisions.
Estate planning can be a tremendous undertaking which is why allowing an estate planning lawyer to guide you and provide assistance would be beneficially to both you and your loved ones. Making prior arrangements relieves the unnecessary stress family members would be burdened with and you can make sure your wishes are carried out to the fullest. This is a sad subject but a very real matter of concern that needs to be addressed.
Find valuable information about this issue at the website, where the place you can find a lawyer and also you can find free estate planning law legal information.
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Source: http://www.globalwebusers.net/2011/08/the-synopsis-of-estate-planning/
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