How to Secure A Living Will To Ensure Estate Planning

In some cultures, speaking about death is a no-no and therefore, estate planning is a sensitive subject. However, if you think for a second and consider the decision, it doesn’t take a genius to realize estate planning is a smart, even a necessary part of responsible finance management. The Unplanned Estate

If a person dies intestate, that is, without a will, his estate – the sum total of his assets and liabilities – will be disposed of by operation of law. A court would appoint an administrator to oversee the disposition of properties. In any case, the estate will be inherited by person whom the law thinks is the rightful heir and these may not be how you would have wanted it to be. Moreover, it is likely that your family will have a huge squabble over who gets what. This could lead to complicated lawsuits that are both expensive and bitter. Benefits of Estate Planning For the sake everyone’s peace of mind, including yours and Uncle Sam’s, it is wise to plan your estate and do it well. An experience legal and financial advisor that help you with estate planning so that you can reap the following benefits for yourself: 1. Conservation of Assets. Estates are taxed heavily. Regardless of which countries you’re concerned with, properties left by deceased are taxed heavily before heirs can get to them. However, there are legal ways to conserve the value of assets. Trusts, wills and charitable donations can be used for this purpose. 2. Provision for Care. Whether for yourself as you advance in years or for surviving and future family members, there are ways to ensure that your and your family’s care needs are secured, regardless of who runs your businesses or manages your properties. 3. Ensuring business continuity. Especially if the deceased owns a controlling interest in any business, estate planning becomes imperative so as not to adversely affect operations in the even of change of ownerships. Living Wills and Trusts Besides all those planning for when you finally pass on, planning your life while you’re living is also important. If you’ve worked long and hard to create and grow your wealth, you’d like to enjoy it and do so hassle-free. Maintaining your lifestyle entails a lot – paying bills and obligations, writing checks to charities, settling charges, etc. You probably wouldn’t have time for all of that, in addition to making sure the people who depend on you are taken care of. An easy to do this is via a living will and trust. A trust is a separate legal entity you can establish to protect some properties and assets from probate, public scrutiny or taxes. You can establish trusts either while you are living or upon your death. Depending on the type of trust you establish, you’ll have full or limited control over the properties placed in trust. Wills, as you know, are legal documents you create to name who takes over your properties and responsibilities at the time of your death. Scheirer Wealth Management is the leading Orlando Financial Planning and private wealth management company. They have the reputation as Orlando’s favorite retirement planning agency.

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