Next Step: Build an Estate Plan
One of our basic human instincts must be making plans for the future. During your college years, your primary plan must have been to finish school, get the work you want, buy a car, a property, and possibly even start a family. Getting to the future entails tons of planning, whatever possessions you dreamt of. Particularly when the future you aim for is what you have always thought of. Consequently, now you’re living in the future. Your plans have all worked out for the best. You’ve got your job, your car, your house, and your family. What then?Next what?
Death perhaps is the only thing that people do not plan for. No one claims, “In the next five years I plan to die.” That is simply outrageous. It has been said before that death comes like a thief in the night. No person actually can tell how or when exactly he will die. Also, every asset, property, and wealth that earned will be left behind. We cannot bring our possessions with us. So what comes about to the real estate we acquired? Of course, we would think that by default, all our real estate properties will automatically go to the family we leave behind. However, it is not that easy as there are certain rules and processes that needs to be followed as far as legalities are concerned. Furthermore, if you have several kids, who will determine which of your possessions go to which child or to your wife?
Well, building an estate plan definitely is the next big thing. You do not have to be wealthy to have an estate plan. No matter what the size of your possessions, houses, or holdings are so long as you have the motivation to transfer them on to your heirs. Properly planning your estate benefits you by giving you control of designating who will handle your affairs when you are incapacitated or when you pass away and make certain that your wealth is rightly distributed to your loved ones. You can also pass on your wealth to your heirs without leaving them much burden in terms of paying taxes for the property through estate planning.
Since estate planning includes the drafting of a will, establishing trusts, reducing taxes, and creating a fully detailed plan to pass on your wealth to the right beneficiaries, it can really be confusing. With that in mind, it is very important that before you start planning your estate you should look for the right type of lawyer who is trustworthy. Estate planning attorneys specializes in estates and wills, and they are also the most knowledgeable people who can give you advice if you plan to set up a trust. You can use the internet to search for estate planning attorney near me. Be sure to compare lawyers first and choose the one who’s highly qualified, trained and tested to draft wills and other documents that revolve around trusts and estate planning.