Before we delve into what a free will is, why don’t we talk about what an estate is? We often hear the word “estate” all the time, and perhaps we have a little understanding of what it is, or maybe not. Well, an estate is basically your net worth at any point in time. This could include your assets, intellectual property, etc.
When you eventually kick the bucket, all that you own will have to be inherited by someone else. An estate plan will make that possible.
Having has a little insight into what an estate is, understanding what estate planning is shouldn’t be quite hard for you.
Estate planning is simply plans made for the transfer and management of ones assets upon death or incapacitation. An estate constitutes ones assets, real estate, insurance, car, jets, houses, etc.
By planning your estate, you will have a say regarding the distribution and the management of all that you have worked so hard for even after your death. Upon incapacitation, your estate plan will also dictate how you wish to be cared for, including how you want other affairs of your life to be managed.
If, for some reasons, you chose not to plan your estate, your assets will be shared based on the Florida law of intestacy. The process is not one that is easy, cheap and quick. It engulfs money, it is time-consuming and very stressful. You will need to tender several documents, appear at some court hearings, and hire a lawyer.
Because life is uncertain and one isn’t sure when he will draw his last breath, it is therefore significant that you don’t wait till when you are old before you plan your estate. Tomorrow may be too late.
Because estate planning involves a lot of experience and knowledge of your sate estate law, you will need the guidance of an estate planning lawyer when planning your estate. It is not always advised to plan your estate on your own to avoid making mistakes or making an estate plan that doesn’t comply with the estate law of your state.
How does this Plan Works?
Estate planning is more broad than people expect it to be. Some individuals don’t see the importance of estate planning, they simply believe that drafting a will is all it takes to transfer ones assets to a designated beneficiary. Wills are simply legal documents that contains the wish of the deceased. It is the duty of a judge to approve the transfer of the deceased assets or properties to the designated beneficiaries. This process is often regarded as probate.
The probate process is also done to determine the validity of a will. This process can take a lot of time, it is quite stressful and it can be very expensive. If you want to escape the probate process, the best way to do this is by creating a trust. A trust is simply a legal media created by an estate owner and used to transfer assets to a trustee who then keeps them in a trust fund for a third party who is regarded as a beneficiary. People create a trust for several reasons.
A will is a very common term. This legal document holds information about how an estate owner wants his or her assets or properties to be shared and managed among the designated beneficiaries. In the will, the assets of the deceased is stated alongside preparations or plans about how he or she wishes to be buried. The name of the estate executor is also present in the will. An estate executor is an individual who is chosen by the estate owner to act on his or her behalf. It is the duty of the estate executor to ensure that the wish of the estate owner is fulfilled. It is also his duty to ensure that all unpaid debts of the deceased are settled.
If you lack the finances or you need a prep about how to prepare a will, there are some sites that can offer you the opportunity to create free wills. Ensure you contact our estate planning lawyers if you need assistance about your estate planning or if you need legal help.