What You Need to Know About Estate PlanningFirst off, let’s ask the obvious question: what is estate planning?
It’s the process by which a probate or estate planning lawyer, other officials, family members, and other members with an interest in the effects of the estate meet and arrange the disposal of all assets belonging to a deceased individual.
A common reason for this is to make sure that there are no questions asked, no confusion as to which assets go where within the family or any other individuals who have invested some interest of the deceased. Typically, a probate is there to determine a maximum value of the estate and assets, reducing taxes and other expenses as necessary. In addition, guardians are designated usually for all minor children and beneficiaries in incapacity.
What Is Estate Planning When it Comes to a Will?
Before the individual had died, the individual may have drawn up a Last Will and Testament, a declaration stating that all assets and an estate owned by the individual may then be awarded to an individual(s) as he or she sees fit upon death.
This is generally used for estate planning as well to determine how the estate will be divided, or not divided, to proceed toward an immediate disposal.
Estate planning and probate law may involve contestations of a Last Will and Testament as well, as sometimes disputes may arise on what parts or whole of an estate will go to any individual.
What Is Estate Planning When It Comes to Powers of Attorney?
Sometimes in estate planning, certain individuals wouldn’t be able to be present for any given reason – even death – in which case a “Power of Attorney” is necessary to protect the rights of that individual who is either the potential beneficiary of an estate or the deceased.
It’s essentially a letter stating that another person can act and represent on behalf of the individual in question. Typically POAs are written and enforced by principals, grantors, or donors; the one acting on that POA is generally considered the agent, donee, or attorney.
What Is Estate Planning When It Comes to Mediation?
Going back to contestations of Last Wills and Testaments, a mediation is typically employed to establish some sort of an agreement between conflicts involving the disposal and distribution of an estate.
For instance: blended families, step siblings, and multiple marriages may dispute a lot about how an estate will be divided. Family members and other beneficiaries will discuss the matter during a mediation to determine the best way on disposing of the estate.
Many May Ask “What Is Estate Planning?” Only to Know That It Simply Means Agreeing for the Better
Sometimes even the question “What is estate planning?” can come with severe anger, especially if the given individual was close with the deceased.
The truth is this: it’s a prudent way for everything to be passed on. And typically even before death, the individual proceeding with proper estate planning would agree that it must occur.