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Estate planning is the process of outlining and legally documenting what you want to happen with your assets after you pass away. Typically, it also includes planning for and communicating your end of life wishes in the event that you are still alive, but incapacitated and unable to make decisions on your own. A proper estate plan documents who you would like to receive your assets after you die and can help avoid estate taxes in certain situations Estate Planning Process? This process focuses on how to pass your wealth and assets after you die.It is also defined as the process of enclosing the collected assets, protecting them and distributing to the right person. The purpose of estate planning is to enhance and manage the financial security of the owner and their family members. This is the planning process of defining who, when, and how your assets will be transferred to your designated heirs with minimal management, and transfer and tax cost.The ultimate goal of estate planning is to fulfil the wishes of the estate owner. What Do You Need To Discuss With Your Estate Planning Attorney To Protect Your Family? An estate plan is designed to protect your family and assets during your life and after you pass. Therefore, it is necessary thatyourfamily must be aware of the following information about estate planning. • Plan your own wishes • Transfer your wealth the way you desire • Minimize taxes • Protect family wealth • Prepare the future generation for the wealth they receive • Drafting the Will • Financial Power of Attorney • Personal Representative • Trustees • Health Care Agent • Store the document Plan Your Own Estate and Will Needs Many people think that an estate planning attorney is required only after death, but this is not the case.An estate planning attorney can help protect you and your family if you become incapacitated and are unable to make health and financial decisions for yourself. Transfer Your Wealth the Way You Desire. There are certain documents you should discuss with your estate planning attorney such as a will and a trust. These documents can safeguard your family members and ensure that your wealth and property are transferred to your heirs according to your wishes. Minimize Transfer Taxes. Depending on the size of your estate, estate planning can help you plan properly for taxes.Taxes of three types such as estate tax, gift tax and transfer tax. Third type of tax, transfer tax, have limitations on the amount of wealth you can transfer to your desired family members, therefore, good estate planning minimizes the tax of your wealth. Protect Family Wealth. Estate planning helps protect your assets, family, and investments. Prepare The Future Generation For The Wealth They Receive. The transfer and preservation of wealth is usually a primary goal of most families. Families who plan ahead and prepare the next generations for the transfer of assets are usually more successful in preserving their wealth. Drafting The Will. Family members and heirs should be aware about the drafted will. The will is the document where you name your children or heirs as your beneficiaries.The will ensures that the right assets go to the right people. The will ensures that the right assets go to the right people. Store The Document. Estate Planning and important financial documents should be stored in a safe, accessible place. Also, the executor or trustee should be made aware of where they can find copies of your will or trust, and all important financial information. Here is a list of some of the documents you should compile and store: • will • trusts • insurance policies • real estate deeds • certificates for stocks, bonds, annuities • information on bank accounts, mutual funds, and safe deposit boxes • information on retirement plans, 401(k) accounts, or IRAs • information on debts: credit cards, mortgages and loans, utilities, and unpaid taxes • Information on funeral prepayment plans, and any final arrangements instructions you have made. About Author -Jim Turner is a USA based author of Legal issues related to estate planning, will & trust , busuness law and elder law .Jim Turner does his best writing on these topics that helps users to find the best solutions to their FAQ on estate planning , probate , living trust and more about legal family issues .
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