Estate Planning

Most people think that estate planning is only for wealthy people who can afford to pay big amount of money to lawyers who will be setting up complicated trusts and highly complex wills, stipulating how their possessions should be dispensed when they pass away.

If you are one of those who have this kind of mentality, think again. Estate planning is not exclusive for the rich or those who are already in their twilight years. As a matter of fact, even if you only got a minimal amount or volume of assets, you would still need estate planning.

Estate plan is significant more so if you have mixed family or sizeable possessions. Worry not because it isn’t full of twists and turns as you imagine. This thing helps you resolve possible problems that may arise in dividing your belongings and lets you choose as to who will serve as custodian or guardian for your kids who are still minors. It is also the best way to lessen taxes and to avoid going through an extensive probate procedure.

Writing a Will is a must when you do planning. A funeral service that you want can be specified here. A casket that you wish to use will also be included. After deducting all the expenses for the funeral, the rest of your possessions will go to the people that you will be designating, including the guardian for your youngsters. Without a written will, the government will decide who would be the legal heirs and the property that will go to each of them.

You can also set up a trust. This allows you to lay down how your heirs can utilize their inheritance and the specific period of the release of money and property that you gave them.

It is advisable that you update your estate planning from time to time especially when there are changes that need to be implemented.