Estate planning, if carried out properly with the help of an experienced and competent attorney can save you a lot of money in the long run in addition to minimizing confusion and stress for your loved ones.
Many people all across the United States are slowly beginning to realize just how important can be for the average individual and that it is not something only the very wealthy can use.
Below is a list of three important items derived from estate planning that everyone should definitely have:
1. An updated will or trust – without a clear will or trusts, the division of your estate falls directly to the state through court appointed individuals and chances of your wishes being respected in such matters are significantly reduced. Creating a valid will is pretty simple and inexpensive although you must make sure that you do it right if your will is to survive the probate process during which its validity will be determined. The probate process will also involve appraisal of all assets, debts and claims on your estate and only the net assets after the evaluation will be distributed according to the provisions in your will. A trust, on the other hand, does not have to be subjected through the probate process and can be an effective and inexpensive way to transfer your property directly to your loved ones even before your demise.
3. Updated beneficiary designation forms – in many situations, beneficiary designation forms on assets and life insurance policies will often override and supersede the provisions of wills in there happen to be any contradictions between the two. It is therefore important to make sure that your beneficiary designation forms are updated on a regular basis, preferably at least once every year. of course you can modify and adjust your list of beneficiaries and it might be a good idea to also update your will as well whenever you do so.Read More