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The Basics Of Estate Planning

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                           The Basics Of Estate Planning

Estate Planning may be a word that is encountered by many citizens especially the elderly.
What is Estate Planning? What benefits does it provide to people?

Estate Planning is a method of arranging and considering alternatives that will satisfy specific
wishes and goals to prepare for things that may happen to a person and the people he finds
special to him.

Estate Planning includes organizing properties and not just putting them in a simple Will. It
also lessens the taxes and fees that may possibly be charged to these properties. Estate
Planning also includes contingency preparation to ensure that ones wishes regarding health
care and medications will be followed.

An estate plan may be described as good if it financially coordinates with the future of the
home, business, investments, insurance and other benefits if ever the person becomes sick or
will pass away. A good estate plan also sets directions to bring about personal wishes
regarding health care in preparation for the when the person becomes disabled.

It is very important to identify the real definition of the term "estate" before someone can really
perform estate planning. Estate means all the properties a person owns or has control of. This
is regardless whether if the property is solely named after him or is in managed in a
partnership. This may include real properties, accounts, bonds and stocks, cash, buildings and
establishments, jewelry, collections, all types of businesses and even retirement benefits.

Typically, those who really need to have an estate plan are parents who have minor children,
people who have valuable properties and have sentimental values for them, and also people
who are concerned about their medications and health care. However, people can still acquire
an estate plan whether they have these categories or not. As long as they have all the things
that are covered by an estate plan, then they can avail of it.

While a person is alive, it is important to prepare an estate plan and at the same time
implement it. This is the perfect time for a person to perform and have legal capacity to come
up with a contract. There may be challenges that could occur if an estate plan is implemented
when a person is already disabled. Others may judge the lack of capacity and the person may
be prone to fraud, abuse and coercion.

Estate Plans may include wills, power of attorney for health care, living wills, living trusts and
limited partnerships. When entering into a contract, it is very important to make use of the
services of a lawyer. Lawyers are the only certified people who practice these fields. They are
also the only ones who can supply a person with all the legal requirements and advice needed
in the estate plan. An attorney will be able to answer legal questions regarding the estate and
they will also be able prepare the person on the cost of the estate plan and other finances the
come with it.

Estate Planning involves sensitive decisions and legal matters. It would only be beneficial if the
person will always consult with legal advisors and also seek financial and medical advice. It is


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important that before a person will enter into estate planning, he should already have a strong
understanding of the process so that things will not be difficult for those who will be left behind.




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