The Importance of Wills and Estate Planning
Many don’t want to think about what ‘estate planning’ means, but the bottom line is this: no one really has a choice in the matter. If there are assets, an individual’s going to have to ask one question: when I die, where do the assets go?
Where does the computer or laptop go? Where does the house go? Where does the furniture go? Who gets a hold of my savings account? I have $400 in there at the moment. Who gets it?
These are questions that need to be asked. And they’re answered when wills and estate planning is conducted properly.
What is a ‘Living Will’?
This is a special kind of document under the category of wills and estate planning, because it typically involves a terminal condition of some kind or even a vegetative or catatonic state.
If someone knows that it’s pretty eminent, it’s important to understand that a ‘Living Will’ should be drawn up. It simply states that a physician has the power to end all life support – all kinds of life-sustaining procedures, such as blood transfusion, respiration, kidney dialysis – when it’s clear that the person’s condition will not improve.
This is an important document, in that it doesn’t condone an assisted suicide given the knowledge that at a vegetative state a person can’t willfully at that moment in time agree to it; nor can it be stipulated that a person wants to die with the assistance of a physician, but rather stresses the fact that a terminal condition will result in death no matter what, rendering all types of life support completely pointless.
This, of course, brings in another aspect of wills and estate planning that end up staying in effect upon the release of a Living Will –
A Last Will and Testament
Wills and estate planning involve many documents, but this one is probably the most important. It lists beneficiaries, everyone who is entitled to receive some form of asset upon a person’s death. It’s essentially the dying wishes of a human being.
There’s a certain prestige behind it and also carries a cornerstone of wills and estate planning that can never be forgotten. There’s not one person in the world that probably shouldn’t draw one up.
But the Main Reason to Consider Wills and Estate Planning Is….
It’s binding. It’s solidified by law. And most times it can never be contested in court.
Whatever a person says in a will is then honored by law, hands down, no exceptions. And this is important to know specifically if a person has children under the age of 18.
If the person dies, the question is this: who gets the children? A will can make sure all that is taken care of. If there’s nothing written down in a will stating guardianship, the process can take a long time to determine who will have the right to care for the children! Not to mention disputes.
Many might think there’s not a whole lot there to give. When a person knows death will be coming soon, that person would be surprised in knowing that there is in fact plenty.
Hence, wills and some expert estate planning are essential.