Planning for your estate is a very important step to ensure that your possessions and assets are distributed with accordance to your final wishes. The laws associated with it is considered as a body of law created and designed to reduce ambiguity over the distribution of an individual’s estate upon death by making laws that reduce uncertainty as to property ownership, powers of attorney, wills, trusts, and living wills.
The planning process for your estate can be a difficult and serious experience. However, this process is something that you should go through together with a good estate planner attorney in order to devise a good plan to prepare you for the possibility of incapacitation and death and that all your wishes are carried out the right way. Don’t hesitate to hire a good lawyer to help you set up a Trust fund, draft a Will, and otherwise administer the distribution of assets according to your plan.
The two most common and effective means of passing over of interests in personal or real property to another person after death are the Wills and Trusts. In case you’re not familiar, the Will is a type of legal document that permits the management and distribution of a particular estate upon death. It is also a type of binding document that contains your demands and wishes which will then be recognized by the law and to be carried out by the appointed executor. On the other hand, a Trust is another legal document that is created and designed for another person, the trustee, to manage your trust properties in your behalf. The trustee will not only see to it that your properties under the trust is properly managed but will also be responsible in transferring these estates to named benefactors of the said trust. If you are interested in making these documents, you should consult an estate planner attorney to be sure they are created and designed according to your wishes and that agrees with the laws of your state.
When you die intestate, this means that you failed to articulate properly and specifically what should you want to happen to the assets that you have left behind. This situation can make your death even more complex, difficult, and stressful for your family and heirs. The state will be the one to decide for the distribution of assets and also for naming a legal guardian for your children. If you don’t want to die this way, make sure you devise a good estate plan to put everything in its right perspective.