Will and estate planning may not always be the most pleasant of topics to talk about, but the fact is that it is necessary to properly facilitate the transfer of property to loved ones when the time comes. We all have an estate. An estate can be almost anything you own that has a value including a car, investments, jewelry, homes, and real estate.
Estate planning is merely stating your desires for whom should receive your possessions and under what conditions. The alternative is leaving the dispersion of your possessions up to the state in which you live. Often to the great benefit of the state. It is not just a convenience to your family to have a formal document dictating your preferences but an obligation to your family so as to not burden them with legal and financial matters on top of the emotional aspect inherent in such situations.
Estate planning begins with a will or living trust. The discrepancies between the two ultimately come down to the to a will leaving more power to the state in the form of probates; a process that scrutinizes the distribution of the estate items often at a greater cost to the recipients. A living trust can help to avoid much of the probate process and is generally preferred by families and legal professional alike.
Give yourself and your family peace of mind.
The fact is life is uncertain, and no one wants to leave their possessions to the state while your family simply looks on. A proper plan, prepared by an experienced professional, helps to make sure that your opinion and preferences are honored and that your loved ones are properly respected.