sound estate planning is imperative for everybody
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Estate planning is the process of arranging for the disposal of your property after your death. An estate is the net worth (total assets-total liabilities) of an individual. In other wordsTRANSCRIPT
Sound Estate Planning is Imperative for Everybody
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Estate planning is the process of arranging for the disposal of your property after your death. An estate is the net worth (total assets-total liabilities) of an individual. In other words, estate is the total property owned by an individual, which may include cash, jewelry, shares, saving accounts, etc.
In the case of an individual, the term estate is used in relation to deceased individuals in probate. Receipt of probate is the first step in disposing off the individual’s property in accordance with their will.
The probate officially appoints an executor to distribute the deceased individual’s property as per the specified instructions in the will. A will is a legal document that decides as to who will receive a person’s property after their death and in what amount.
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Estate planning ensures that your family and financial obligations are properly taken care of after your death. Estate plan safeguards the rights of your family by assuring that most of the estate is transferred to them.
It also intends to maximize the value of the state by reducing the taxes and other expenses related to your estate. Estate planning also assigns a guardian for minor children, if any, and beneficiaries in cases of incapacity.
We shall now discuss some important points in respect to planning of an estate and how shall they be disposed of after the person’s death. These are:
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1. Taking Stock of Your Assets
Like mentioned above, an individual’s asset is the sum total of all the property they own. It can include, but is not limited to cars, houses, clothes, insurance policies, retirement, investment and savings accounts, lands, and retirement savings, among others.
Taking inventory of your stocks also helps you find the answers to three very important questions. These are:
Who shall inherit your assets after you die? This is of paramount importance since every person wants their family members to be taken good care of after their death.
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The second most important question that it will allow you to ponder over is who handles all your financial matters in case you become incapacitated owing to some illness or injury.
The third question it will help you comprehend is about the person who will take and make medical decisions on your behalf under circumstances when you are unable to make them yourself.
Law Firm Software is a firm that understands the real value of your time. It makes software that automates document preparation and printing related to estate planning. It thereby makes the entire process less time consuming and hassle free.
This firm has won laurels for coming up with feature rich, easy-to-use software that is compatible with all Windows operating systems.
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2. Importance of Will
A will is a legal declaration which lays out the fate of your property after your death. In other words, it is a legal document which is intended for the purpose of letting the world know how you wish your property or properties to be distributed.
Some people die without making any will. This is known as dying intestate. It is important that you make a will before your death as dying intestate will leave your heirs with no say in your property’s distribution after your death.
A will assumes added significance when you have children who have not attained adulthood. A will under such circumstances is the best way to appoint a guardian for your children.
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The issue of inheritance can be extremely dicey. Not undertaking sound estate planning is akin to walking on a landmine with your lead boots on. There is all probability of hell breaking loose after your death if you do not have a proper or complete will.
Law Firm Software is a firm that specializes in providing easy to use software for businessmen, attorneys, paralegals, and other professionals.
They have developed feature rich, Windows OS compatible, 706 Inheritance/Estate Tax Software, Chapter13 bankruptcy software, and Chapter 7 bankruptcy software, among others.
Inexpensive and easy to use, this software can be used to quickly prepare a high quality professional document.
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Law Firm Software7 North Pinckney Street, Suite 240Madison, Wisconsin 53703+Website: http://www.lawfirmsoftware.com/Email: [email protected]
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