For too long, people have considered estate planning as something that is exclusive to wealthy people. Estate planning is really for anyone who’s going to be leaving assets behind for beneficiaries. While wealthy people may get quite involved in planning their estate to help avoid high taxes or to amend the wishes of their estate, for most people, the easiest estate plan is writing up a will.
Don’t Rely on Popular Misconceptions
There are many practical reasons for doing this and one reason is to avoid being a victim of bad information. For example, if a person passes away without a will, some people think that their spouses or their children will automatically get the assets left behind. Unfortunately, this is seldom the case and this can leave a spouse or children in a very difficult position if a husband, wife or a parent passes away. Stipulating these things in a will will help avoid any issues where a decedent’s physical or liquid assets don’t get transferred to spouses or children.
Managing a Person’s Affairs Before they Pass Away
Another thing to consider is the affairs that might take place before person passes away. Often times, when a person is incapacitated from a mental or physical condition, someone will need to take control of their financial decisions and any decisions in terms of medical treatment. If a person stipulates their desires, such as a desire not to be left on a respirator or a desire to have someone handle their financial affairs, this makes the situation much less difficult and confusing.
Planning the proper estate is not as difficult as many people may think. If a person has a great deal of money, they may need to be creative in terms of avoiding estate taxes. However, by getting the advice of an attorney that handles estate planning and drawing up a comprehensive will, you can help avoid a great deal of confusion after you’ve passed away. This sort of documentation can ensure that any wishes you have for the dissemination of your assets after you pass away are followed to the letter.