Families fight over assets that are left for inheritance. This is attributed to the fact that man rarely cares of what others get. Death and mental instability makes one incapable of handling and owning their properties. Many family members especially those who consider themselves close always want the bigger share of the properties. To avoid wastage and rows after such an incident, one must write a will leaving the required share for each beneficiary.
Estate planning is the process of writing a document that entails how your properties should be shared among choose beneficiaries. An estate is any asset liquid or tangible that an individual owns. for a long time, people have associated estates with the high class people but this can also be owned by the middle or low class people.
Estate planning is important for the following reasons.;
Estate plans ensure that everyone gets what they rightfully deserve. Rightful heirs are fully recognized and set from the rest.
Estate planning also makes sure that the transfer of properties to the beneficiaries happens smoothly and any huddles to be experienced are countered.
In order to make smooth plans after the death of an individual or mental incapacitation, some decisions need to be made beforehand by themselves.
Creating an estate plan requires some steps and tools to help it be complete.;
A complete outline of who should get what, when and how in terms of properties should be clearly indicated by a person before their death. This ensures the properties will be passed according to an individual’s wish. A will should be clearly written and no two individual get the same property.
An estate plan should also have a witness and in this case it should be a trusted attorney or lawyer. An attorney will come in place and help in distributing the estates with the help of the court.
it is not dictated for each estate to be written in the will. If an individual feels that their assets be changed, sold or leased, they can clearly indicate this in an estate plan.
A witness is required to testify on behalf of the deceased. Here are some of the things the lawyer will do after death of an individual with an estate. The attorney makes sure that all properties are assigned to the rightful heirs. The attorney should ensure that the government does not take advantage of the situation by imposing high taxes.
Making sure that the minors are not neglected Characteristics of a good estate lawyer include. A trustworthy individual who you should feel comfortable sharing intimate details of one’s life. A lawyer that is updated regarding what is required in estate planning. Knowing what the industry required and having been there for a while.