There is a common misconception around the word estate – though it sounds big, it doesn’t necessarily define large chunks of property, money or other possessions. In fact, it simply means all that a person has. It comprises of everything that you own – your property, car, investments, savings, life insurance, furniture. No matter how modest or large, the size of the ownership doesn’t matter.
One thing that remains constant with regards to all of mankind is death, and when that happens most people would prefer to share their estate in accordance to their will and desires. Protruding from this desire comes the concept of estate planning which is nothing but the process of anticipating and arranging, while you’re alive, for management and disposal of your estate during your life, and after death. In simpler terms, it is a set of legal instructions by you on how, to whom and when would you like to distribute your estate to.
Components of and tools for – Estate planning
- Estate Planning Professional : An estate planning attorney or professional is a legal executor who will assist you in this complex process. Your decisions about the future of your estate will be recorded in legally binding documents and thus, it is essential to have a qualified attorney to walk you through the process. Your estate planning attorney in Roseville will have all the answers for your curious mind.
- Plan now or regret later : If you fail to plan your estate in time, you could possibly jeopardize your family’s future. At your death, if an estate planning is not in place, your assets will be distributed in accordance to the probate laws in your state. Courts cases, infamous for their long and rigorous duration, more often than not, end in bitter taste. It becomes expensive and time consuming, it is open to the public and thus, traumatizing.
- Plan a living trust, not a will : A will contains your instructions but it doesn’t avoid probate. So, even though you’d a plan in place you can’t save your family from the legal fees, executor fees, and court costs. Whereas, a living trust can avoid probate at death, brings all your assets into one plan, provides maximum privacy and is valid in every state.
A good real state planning attorney in Roseville will help you avoid taxes and minimize gift, estate and generation keeping transfer. And remember, the biggest benefit of estate planning is peace of mind.