Finance Article: Estate Planning Basics
Property: Includes two categories,
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home(s) and personal,
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stocks, bank accounts, car(s), jewelry, and so forth.
It is understandable that the idea of planning for your family
after die can be a little frightening. Familiarity with the
terms used in estate planning will help you begin to develop
some comfort with the process.
Estate: Refers to your property or those things that you own.
Probate: The process by which your personal property is legally
transferred to your heirs upon your death. The probate process
also identifies rightful heirs and determines how your assets
will be distributed among them. Probate can be quite expensive
(up to 10% of the net worth of your estate) but the expense can
be avoided with estate planning.
You have probably accomplished a great deal with your life. Over
the years you have worked, planned and saved. Perhaps you have
even made some sacrifices to achieve your current level of
success. It’s a sure bet that you will want to pass along your
accumulated assets rather than hand them over for court costs,
taxes or attorney fees.
Intestate: Is a pre, or non-planning state. Dying intestate
means that you have died without creating a will or trust to
outline your desires for distribution of your estate. Trust:
Eliminates many of the financial risks in planning for the
transfer of your estate from you to your heirs upon your death.
Risks include taxes, probate, lawyers, creditors, judgments,
etc. A trust can provide for the management of your estate if
you become incapacitated as well reduce death taxes and assure a
smooth transfer of your property according to your wishes.
Trusts can be revocable or irrevocable. Talk with your tax or
legal advisor about the benefits of each.
Your will can be an important tool of your estate plan. The goal
of the estate plan is to allow you, rather than probate court
and attorney, to maintain control of your assets. Planning
allows you the opportunity to set forth clear directions and
desires for your assets in the event of your death or physical
or mental incapacitation. Estate planning is a necessary and
painless process. You will afford yourself peace of mind and you
will smooth the road for your heirs in terms of property
transfer upon your death.
About the author:
Amy Nichols is a freelance writer and contributing author to
http://www.howtowriteawill.com, a site providing free estate
planning tips and information.
What is your estate?
Will: A written, legal document outlining your wishes for your
real and personal property upon your death. You can also appoint
a guardian for any minor children. Beneficiaries: These are the
people you assign to benefit with distribution of your real and
personal property upon your death.
Estate planning is the relatively simple process by which you
prepare legal documents outlining your wishes for your estate
upon your death. It can be difficult to plan for the end of your
life, but this planning is necessary to protect your family and
your assets.
Your estate refers to your property, those things you own,
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including your total assets and liabilities. Your property
includes your home, car, accounts (i.e. bank, retirement, and
brokerage),
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The language of estate planning
