Estate planning, or as it is often called can be described as preparing for the possibility of the eventual disability or incapacitation of an estate owner. It helps plan who the assets are divided to, who is responsible for the care of the property owner in case of health issues, and the amount of taxes to be paid.
An absence of an estate plan can lead to many issues with financial and legal aspects. The guardian or guarantor could be named by the court who might not have any knowledge of the estate’s owner. A properly prepared estate plan can ensure that future legal costs are reduced in addition to enabling the estate’s owner to transfer assets to whomever they want, and having family members and their own protected.
Most estate plans have a financial powerof attorney, lawyer, a living trust and a medical directive. When all these documents are executed in detail and in accordance with the wishes of the beneficiary of the estate are fulfilled.