Estate Planning 101
Regardless of however difficult planning for one’s own death might seem, it is an inevitable truth that we eventually need to pass along our belongings in the mortal world to others. The decisions that you make regarding the estate that you leave behind can have a profound effect on your loved ones’ lives. And having a thorough understanding of Estate planning 101 is the key to ensuring that your valuable assets go into the right hands after your death.
Estate planning 101
Estate planning can be described as the process by which an individual can stipulate instructions regarding the distribution of their assets and other properties after their demise. In addition to this, your estate plan can also include instructions about the management of your assets and property, as well as medical treatment care when you are still alive and are rendered mentally incapacitated. In some cases, people might also state their wishes about any specific final arrangements (such as burial or cremation) in their estate plan.
Why is estate planning important?
Planning for the administration of your estate well in advance gives you ample time to consider your various options and review your estate decisions adequately. It also allows you to create a personalized plan that can help prevent any property disputes after you are gone. Since these estate plans are amendable, there is some comfort in knowing that you can make any necessary adjustments to your ‘rough draft’ that you create early in your life. Estate planning gives you the liberty to ensure that your wishes will be honored in unfortunate event that you are unable to handle your affairs on your own or you pass away. In the absence of an estate plan, all of your medical decisions could fall into the hands of someone that you might not have elected to make decisions for you. In addition, your property would get distributed as per the legal hierarchy (which might eventually lead to a family dispute over ownership) and your final arrangements are left to the whims of your relatives or community customs. And these decisions might not turn out to be in sync with what you would have wanted.
In addition to stating your wishes and preferences about handling your affairs, you can also specify the name of a person to make sure that the instructions stipulated in your estate plan are duly carried out. Leaving your legacy behind is important. That is why it is also important to have an experienced estate planning lawyer in Los Angeles California guide you through the process.