Estate planning explained in brief:
Estate planning generally is a set of documents that secure one’s properties and assets. These documents are legally enforceable. Documents regarding estate planning explain how the assets and properties should be passed down to the heirs and relatives after their demise. In addition to this, estate planning also documents specific wishes of the owner and mentions who is authorised to carry out these wishes after the owner’s demise with definite precision. The wishes mentioned above can range anywhere from who the person wants to be the legal guardian of their child or children and who can make financial decisions about the state or properties left behind after the owner’s demise. It can even include who can make medical decisions if the owner is unable to speak for themselves. Estate planning lawyers can be contacted and hired to plan out estate planning documents. These documents tend to be precise, to the point, avoid loopholes and carefully state out the owner’s needs, requirements and wishes. It is why accurate planning is required and why people hire lawyers to plan it out for them.
How is estate planning different from producing or writing a Will?
As similar as they both may sound, estate planning and writing a Will are inherently quite different. Let us understand what sets them apart and why it would be very beneficial to choose estate planning over writing Wills.
Let us talk about Will Planning and what it comprises and has to offer:
Will making is a quite simple process. It is a straightforward and uncomplicated document that specifies the owner or writer’s simple wishes and needs. For example, it could be anything as simple as who receives their cars and jewellery or who will receive the houses and properties after the owner’s demise. Will planning generally includes the names and relevant details of the beneficiaries that will receive the assets, items and properties that the owner has left behind. The Will will clarify and mention who receives which of the assets or heirloom after the owner’s demise as per the owner’s wishes. Wills are simple and are limited.
Let us understand estate planning and what it comprises and has to offer:
Estate planning is a more detailed form of documentation that has the owner covered in all aspects! It is highly advisable to hire estate planning lawyers from renowned companies like Estate First Lawyers for this cause. Estate planning is intensive and allows the owners more flexibility than a Will generally does. It is very carefully planned and written down to avoid any misunderstanding or confusion in the future if any issue arises. Estate planning may typically include:
- a Will or a last testament: a Will or a last testament will state the properties and assets and the names of the beneficiaries that the owner wishes to pass down the properties.
- An Advanced Healthcare Directive (AHCD): An advanced healthcare directive allows the person to combine a living will and medical power of attorney. It states the person’s medical treatment preferences. To be specific, it enables the person to state their end of life decisions carefully. It also allows the person to give someone else the power and right to make final medical decisions.
Who needs to choose estate planning? What is the eligibility?
Huge bungalows and fancy cars might be the first thing that comes to mind when thinking of estate planning, but that is not the case. Anyone who owns a small property or savings can opt for estate planning. All that it does is make it evident of the owner’s wishes regarding medical needs and property distribution.