Good estate planning is more than just writing a will. This article takes a look at the different types of documents you might want to put together, including wills, trusts, and powers of attorney, as well as tax-efficient retirement strategies.
Estate planning is a term used to describe the steps a person takes to make sure their affairs are in order should they die. Estate planning typically includes making and recording wills, arranging for trusts, and creating beneficiary accounts for estates. You can also get more information about estate planning via https://www.danalegalhelp.com/practice-areas/estate-planning/.
Will writing is one of the most important aspects of estate planning. A will can provide clear instructions about who should inherit your property and money, and can avoid Probate Court battles. Will writing also allows you to protect your assets from family members who may not want you to leave anything to them.
If you don't have a will, your probate Court will appoint an executor to manage your estate. An executor is usually someone you know and trust, and they will collect all of your assets and distribute them according to your wishes in the probate court proceedings.
Creating trust is another important part of estate planning. A trust allows you to transfer assets into a legal entity that will manage them for you while you are still alive.