Is your estate involves issues or complex possessions? If yes, then Estate planning is for you. It is a crucial part of wealth management. It can reduce taxes and estate expenses, speeds up the process of estate transition, securing your beneficiaries.
This process involves the beneficiary designations, will, property ownership, trusts, powers of appointment, powers of attorney (the financial power of attorney) and the medical power of legal representative.
The importance of Estate Planning
Estate Planning helps to achieve family and personal goals even after the demise. It gives a surety that the wealth and property go to someone whom you want. Thus, you can achieve personal goals.
The main goals of estate planning are:
Living your life fully: Living your life fully means providing not only for yourself (and your spouse and family, if you are married), but providing for others according to your values.
Pass on your property to others according to your desires: In order to transfer your property according to your wishes, you must provide for both paperwork (someone to do the paperwork and ensure that your desires are completed) and disposition (the decision of who gets what) of the assets.
Provide for guardianship of children who are still minors: For most parents, the issue of guardianship is one of the most crucial decisions of the estate-planning process. Who will raise your children should you die?
Avoid probate if desired, or use probate strategically: Probate is a legal process through which an asset’s title is transferred.
Decrease or remove taxes: Proper planning can help you to decrease or remove the taxes that should be paid on your estate.