Nobody wants to think about the fact that they'll die one day, but a responsible guy considers how his family and friends will suffer after he's gone. You want them to properly mourn your passing, not spend the entire time trying to figure out your chaotic finances. When you plan for your death, you're performing a loving act for your family as well as one that lets you retain control even after death. You don't need to have an estate to do your estate planning. You don't even need to have tons of assets for wills and estate planning.
What is Basic Estate Planning?
At its simplest, estate planning are a set of legal documents that help your family make decisions for you based on your desires in life. For example, if there's been an accident, …show more content…
It's what's used to define your wishes after a medical crisis or death.
Testate or Intestate
When someone dies with a will, they are said to have died testate. The opposite is true of intestate, which means they don't have a will. The state will decide what happens to your assets.
Probate
This is the legal process of settling the estate, which can involve the court system.
Executor or Administrator
The person who is responsible for settling your estate is the executor or administrator of your estate. That person will carry out your wishes after death.
Trust
The money and assets you've accumulated can be placed with a third party for an express purpose. You might need to have someone take care of a child's needs before they're old enough to be given the assets.
Documents and Choices
These are the basic documents you'll need to consider when you're planning your estate. Many of these choices will require professional help from an estate planning lawyer especially if you have complicated finances.
Will
This is the document that details the way you'd like your assets distributed after death. If you'd like your brother to get all your baseball cards, this is where you'll list them. The will is filed with the court after your death, and the proper procedures are …show more content…
Power of Attorney
This document will give financial power to someone you've listed on it. It's much like the health surrogate except this person makes legal and financial decisions when you can't make them.
DIY Estate Planning: Is it Right for You?
This is a personal decision. Some details are easy for you to do yourself. Things like making a living will can be a bit more complicated, but you have to decide for yourself how you'd like to proceed. A complicated financial history, purposely leaving a person out of your will or multiple properties can be confusing if you're doing your own estate planning. Make a will online if you have a few assets that you'd like given to specific individuals. Otherwise, it's best to get advice from a professional.
When you've gotten divorced, remarried or had a child, you will want to update your documents to include or remove someone from your will. This estate planning guide should have answered some basic questions regarding the process. You should consult with a professional when you have complicated finances or need extra
What is Basic Estate Planning?
At its simplest, estate planning are a set of legal documents that help your family make decisions for you based on your desires in life. For example, if there's been an accident, …show more content…
It's what's used to define your wishes after a medical crisis or death.
Testate or Intestate
When someone dies with a will, they are said to have died testate. The opposite is true of intestate, which means they don't have a will. The state will decide what happens to your assets.
Probate
This is the legal process of settling the estate, which can involve the court system.
Executor or Administrator
The person who is responsible for settling your estate is the executor or administrator of your estate. That person will carry out your wishes after death.
Trust
The money and assets you've accumulated can be placed with a third party for an express purpose. You might need to have someone take care of a child's needs before they're old enough to be given the assets.
Documents and Choices
These are the basic documents you'll need to consider when you're planning your estate. Many of these choices will require professional help from an estate planning lawyer especially if you have complicated finances.
Will
This is the document that details the way you'd like your assets distributed after death. If you'd like your brother to get all your baseball cards, this is where you'll list them. The will is filed with the court after your death, and the proper procedures are …show more content…
Power of Attorney
This document will give financial power to someone you've listed on it. It's much like the health surrogate except this person makes legal and financial decisions when you can't make them.
DIY Estate Planning: Is it Right for You?
This is a personal decision. Some details are easy for you to do yourself. Things like making a living will can be a bit more complicated, but you have to decide for yourself how you'd like to proceed. A complicated financial history, purposely leaving a person out of your will or multiple properties can be confusing if you're doing your own estate planning. Make a will online if you have a few assets that you'd like given to specific individuals. Otherwise, it's best to get advice from a professional.
When you've gotten divorced, remarried or had a child, you will want to update your documents to include or remove someone from your will. This estate planning guide should have answered some basic questions regarding the process. You should consult with a professional when you have complicated finances or need extra