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Estate Planning is something that we often ignore because we don’t find it necessary. There is even, a survey which says that only 4 out
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After getting married one of the most important legal decisions that a couple takes is of estate planning. Estate planning is a way of ensuring that after you are gone, your spouse and your children are well taken care of. Thus, this article pertains to the various elements that a married couple must consider while estate planning. Proper and well-documented planning is the best way to distribute your assets among your loved ones. What Is Estate Planning? Estate planning is a legal procedure through which you can distribute all your belongings and assets among family members and friends who you intend to. Since it has to be done legally, care must be taken while distributing the assets to avoid a
If you haven’t married, or you are divorced and widowed then you might think that estate planning isn’t your cup of tea but it is. Yes! Estate Planning is important for everyone, especially for a single person. Do you want to leave your whole life’s earnings/assets/property open for the court to decide where it goes? We don’t so! You have worked long and hard for what you have and now you should have a say in who gets to inherit it. With that being said it is vital for you to have a good estate plan which includes a Will or Trust or both. First of all, estate planning comes with its own benefits. Through a properly drafted estate plan
Estate planning is done to protect your assets along with securing the future of your family and loved ones. You spend your whole life in accumulating significant wealth to make your family financially secure and the rest of the time to protect your wealth from probate, taxes, and creditors. However, you forget one aspect of protecting your assets and that is from your own heirs as your assets can be lost very quickly in the lawsuit. It is quite common that the inheritors have a dispute over the estate of a deceased testator after he/she has left an estate plan which may lead to litigation. Estate Planning- The inheritors have various reasons to contest your estate legally due to uneven
The modern world has turned many old estate planning theories upside down. The digitally-enabled world has many new assets that are available online. You are most likely the owner of a veritable trove of digital assets that you don’t even think of as assets. There are websites, domain names, e-photos, social media accounts, and even blogs. These are capable of being memories or even translate to income. How Are digital Assets Important To Estate Planning The internet age has made all records electronic. The age of paper records is slowly diminishing and there are now all statements of storage of financial dealings on the computer. The eco-friendly paperless ethic is permeating many homes in the USA. Even most of the