Free Article Directory: What's An Estate Plan And Why Do You Need ...

We are extremely busy in the modern day world. We have roles to work, often children to take care of, and when we are able to we like to relax and enjoy ourselves. It's rarely that we've got the time or the inclination to make plans for the future.

But tomorrow isn't guaranteed. As much as we really don't like to mull it over we might be gone tomorrow.

Where would that leave our families?

It's truly a painful thing to think about. That's the reason why many of us put it off... Infrequently until it's too late.

Who would pay the bills if your bank account was locked up in probate?

Would your children be in a position to continue their college and future dreams?

Are you even tolerably insured?

Even if you don't have lots of assets your financial affairs might be tied up for months or years. Your family may be unable to look after business.

Unless...

You have made plans for that contingency.

Typically somebody doesn't get galvanized to make an estate plan until they see some other person suffer. Maybe a friend dies and they see what happens to the family as that person's estate has to go thru probate. Or maybe somebody who the dead never intended gets the bulk of the estate. This is very common.

Maybe they've seen estate taxes get the bulk of the estate because the monies weren't protected with some straightforward trust or will stipulation. This too is exceedingly common.

Maybe you have seen it with our own parents. They die without a will and you are stuck cleaning up the mess. Maybe the beneficiaries who received assets weren't the ones they really planned to get them.

And if they died intestate (without a will), the estate had to go thru probate court and a judge made all the decisions as to who got what, even though they did not deserve or really qualify. This regularly happens if a prior partner was on an old will or still had claim to somebody's assets.

Having an obviously stated will would have evaded all these issues. Once there is a will of record the courts can't make calls. The will becomes the final authority on who gets what and who are the lawful heirs of any and all assets. It becomes quite clear in the court's eyes.

So what are some examples of the tools you require in your estate plan.

A Will

Having a Will and Last Testament is probably the best and commonest legal vehicle that everybody has at their disposal. You can also create your very own will but I do not recommend it. Unless you are really familiar with your state's estate laws you could be doing as much harm as good.

A Power of Attorney

A Durable Power of Attorney gives a particular person control over your financial affairs should you become incapacitated or incapable of making choices. Be certain to have somebody you can trust assigned as your legal representative. Remember, should you die, the Power of Attorney becomes invalid. Your designate will have no authority so make sure you have a will to cover what happens after you are deceased. You may have that designate become your estate executor if you wish upon your death.

Health Care Surrogacy or Medical Care Proxy

If you are in the hospice and have a terminal sickness, you need to make it obvious what should happen if you go on life support. Without a Health Care Surrogacy even simple medical information may be denied your family unless you have delegated who has the ability to get that info. This can be very annoying to loved ones and family if you become awfully sick. You owe it to them to have this vital legal tool in place.

Trusts

For some finance scenarios having a trust in place can protect useful assets and confirm they pass to your selected successors. A trust can avoid those assets from going to into probate court where a judge will make these decisions for you.

Well I'm hoping that has galvanized you to act. Having a solid estate plan makes good business sense and is vital if you would like to protect your loved ones from maddening financial Problems after you die.

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