What is the Purpose of Estate Planning?

Author: MatadorAdmin Posted on: . Filed in: Uncategorized.

Planning your estate is essential to providing security after you pass away. Many people may choose to continue to postpone their estate planning for various reasons. Some may think that it isn’t necessary because they are currently in good health. The problem is that injury or death can occur at any moment. Car accidents are among the top causes of death in the United States. Unintentional injuries account for an average 146,571 deaths over the past 30 years. The issue is not if you will die, but when. Since death is inevitable, it is highly recommended to plan your estate in order for your wishes to be carried out upon passing.  Developing a will can provide a plan for how your assets will be divided in the event of tragedy. A will can provide a comfort and security, knowing that your intentions will be executed as you desired. The estate plan can also provide the power to appoint individuals or beneficiaries with the authority to decide your medical outcome should you suffer an event that leaves you unable to communicate. You may even illustrate medical wishes for theoretical circumstances in your will as a precaution. In addition, a will has flexibility to be altered throughout your life; so if you have seconds thoughts about a beneficiary you can alter the components of the will pertaining to them.

What Steps Are Included?

When formulating the estate plan, it is required that you provide an inventory of all your assets. In addition to the inventory of assets, you are expected to include any debt still belonging to you. You may establish which assets will be awarded to the designated individuals of your choosing. Writing the will may reduce the stress placed on your family in the event of an accident. Death of a loved one is troubling enough, the additional strain created from deciding how to handle and distribute your assets can be avoided with the formulation of a will. You may even establish trust funds or college savings accounts for your children or grandchildren.  

Contact a Lawyer

If the process seems too daunting to approach on your own, consider hiring a professional attorney such as the Estate Planning Attorney Scottsdale AZ who specializes in estate planning. They are generally experienced and very knowledgeable in the laws and legal vernacular used in the process. An attorney may provide additional security knowing that your will has been verified by a professional.

 

Thanks to authors at Hildebrand Law for their insight into Estate Planning.

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