Estate planning is the procedure of planning and anticipating, during a human's life, the disposition and management of the property owned by that individual at the time of his death, if the individual becomes incapacitated and when that person dies. The process may also be undertaken by a surviving spouse or relative; however, there are specific procedures for planning an estate if the deceased individual leaves behind no children or grandchildren. To ensure the information that you have read about estate planning is very important, click the link.
There are many methods of planning an estate, and it varies depending on whether the estate is large or small. For example, a large estate can be handled through legal probate and will be administered by an estate planning lawyer. A smaller estate can be handled by an executor appointed by the deceased individual's family. However, a large estate will need a more extensive planning, including preparing a will, hiring a probate lawyer, and creating a trust. Get attached to us now and learn more.
The planning phase of the planning process begins with drafting a Will. This is a legal document that names someone as the executor of the deceased's estate and provides instructions for the disposition of property left behind at the time of the deceased's demise. There are many different types of Wills, but the most common are Last Will and Testament (LTB), Living Will (WL) and Power of Attorney (POA) Forms. These are all legal forms designed to prepare for the estate's future management and administration.
When drafting a W-I-L-D, family members and friends are encouraged to provide accurate information, and to have their input considered when making the final decision to hire an estate planning lawyer to represent them in court or other proceedings. Many individuals who do not intend to leave behind any heirs begin planning this part of their lives immediately following the death of their loved one. Learn more details at https://www.huffpost.com/entry/estate-planning_b_9103252.
Once the W-I-L-D is drafted, it is submitted to an estate planning attorney. The attorney will review the document to make sure it accurately expresses the wishes of the deceased person and ensures that there are no discrepancies with the state and federal laws regarding probate. If necessary, the attorney will contact family members and friends to ensure that they have included appropriate notification within the document.
The next step in the process of developing a plan's estate is the creation of a trust. In this document, the deceased person will be designated as the administrator and will appoint two or more trustees. The trustee is responsible for the care of his/her assets.