Answering these questions will provide you with a better understanding of the concept of estate planning and what it could do to improve the quality of your life.
Estate planning is basically how you prepare for unexpected events. It’s not only planning for the death of a loved one, but it also includes planning to deal with disability or incapacities. Estate planning makes sure that our wishes are respected in the event of an emergency. It’s done by making an estate plan which includes trusts, wills, and other legal documents.
A Will is an instrument that outlines the beneficiaries after you die. The will is usually written prior to your death. You should have two copies of your will. One copy will go to your attorney, while the other copy is given to family members. Your will will stipulates the amount of money you want to leave to each family member.
Trusts provide a way to sell your property without them going through the probate court. There are different kinds of trusts. There are different types of trusts. Certain types are revocable, while some are irrevocable. With a revocable trust it’s possible to change the conditions at any time. One example is the living trust, where you are named as the trustee. Since you are the proprietor of the property, you can decide how much money you want in the trust and decide who is entitled to the trust’s proceeds.