Learn about use of powers of attorney, wills, trusts, probate, estate taxes and more. understand probate varies from state to state. you need to do all this to protect your family, along with the right insurances; find out who you trust to do these things for you. Remember if you have kids it is even more important.
Estate planning is about planning to take care of your family if something happens to you and it involves many different forms and is governed by laws about probate and more from state to state and how you lay it all out depends on many factors. it involves questions like:
If I pass, who will I trust to pay the bills, manage the estate, make sure that heirs that I identify get their money and much more-that is the financial end of it and is usually done through a form called a Durable Power of Attorney. Then there is also a Health care Power of Attorney which lays out items like Hippa Law. who will I trust to make medical decisions on my behalf if I am disabled or incapacitated or not able to make decisions on my own (this can happen for many reasons, to include accidents, trauma, illness, alzhiemers, dimentia and much more.
Then there are wills and trusts and more. Who do I leave my money and my estate to, who do I leave valuables to, spelling out any goals you have for your family and heirs, and your final wishes when you die.
Estate planning is the process of anticipating and arranging, during a person’s life. for the management and disposal of that person’s estate during the person’s life, in the event the person becomes incapacitated after death. this planning includes things like the bequest of assets to heirs and may include minimizing gift, estate, generation gifting transfer and taxes. Estate planning includes planning for incapacity as well as a process of reducing or eliminating uncertainties over the administration of probate and maximizing the value of the estate by reducing taxes and other expenses. It can be as simple or complex as the owner’s wishes and needs direct s. It also calls for things like what happens to the children when you pass.
