If it always helps to be prepared for any situation in life, we should always be prepared for death.
This is not to say that we can avoid it, as death is a certain uncertainty (we know it will happen but we don't know when), but we can plan for what's going to happen to our property in the event that we pass on.
This is called estate planning.
It doesn't matter what your net worth is, you should have a basic estate plan in place.
Having such a plan eliminates uncertainties as to how your property is going to be divided and who gets what after your death.
It ensures that the people whom you think deserve to get certain assets of yours really get them.
Getting started with estate planning can be done by taking an inventory of your assets.
Of course, your assets are not only the house and the car/s you own.
They also include your retirement savings, insurance policies, and even your investments, among others.
Once you've finished with the inventory, you'll now start determining whom you want to inherit the assets or who handles them in case you are incapacitated.
This is because contrary to what some people think, estate planning is not only about preparing for the disposal of an estate after one's death but also in the event of his incapacity.
It is always good advice to get the services of a lawyer when doing estate planning.
This is because estate planning is not only about preparing a will and having it in place.
A lawyer can help you in areas like ensuring that your loved ones that will inherit your assets don't pay high taxes (if at all) once they become the legal owners of such assets.
Another aspect that your lawyer can help you with is reviewing the protection of your assets against the risks that can be brought about by creditor and relationship breakdown.
He can also prepare documentation to deal in case of your incapacity.
Such documentation would include powers of attorney and EPG or Enduring Power of Guardianship, the latter being a legal document that authorizes a person of your choice to make certain decisions on your behalf.
You never know when death will come, so it's certainly good advice to plan for the disposal of your estate as soon as you can.
This is to ensure that only the rightful persons will inherit the assets you've worked all your life to have.
This is not to say that we can avoid it, as death is a certain uncertainty (we know it will happen but we don't know when), but we can plan for what's going to happen to our property in the event that we pass on.
This is called estate planning.
It doesn't matter what your net worth is, you should have a basic estate plan in place.
Having such a plan eliminates uncertainties as to how your property is going to be divided and who gets what after your death.
It ensures that the people whom you think deserve to get certain assets of yours really get them.
Getting started with estate planning can be done by taking an inventory of your assets.
Of course, your assets are not only the house and the car/s you own.
They also include your retirement savings, insurance policies, and even your investments, among others.
Once you've finished with the inventory, you'll now start determining whom you want to inherit the assets or who handles them in case you are incapacitated.
This is because contrary to what some people think, estate planning is not only about preparing for the disposal of an estate after one's death but also in the event of his incapacity.
It is always good advice to get the services of a lawyer when doing estate planning.
This is because estate planning is not only about preparing a will and having it in place.
A lawyer can help you in areas like ensuring that your loved ones that will inherit your assets don't pay high taxes (if at all) once they become the legal owners of such assets.
Another aspect that your lawyer can help you with is reviewing the protection of your assets against the risks that can be brought about by creditor and relationship breakdown.
He can also prepare documentation to deal in case of your incapacity.
Such documentation would include powers of attorney and EPG or Enduring Power of Guardianship, the latter being a legal document that authorizes a person of your choice to make certain decisions on your behalf.
You never know when death will come, so it's certainly good advice to plan for the disposal of your estate as soon as you can.
This is to ensure that only the rightful persons will inherit the assets you've worked all your life to have.
Source...