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Every individual spends his or her whole life in simulating wealth for a better life for their own self and their family as well. During their lifetime, you are there to take care of your property, however, you also want to be assured that all that you own should be benefiting your loved ones after you pass away. In order to achieve this, it is essential to plan your assets. While talking about estate planning, people think that planning your estate means drafting a will, which is quite normal due to available information around it. The fact is that drafting a will and planning your estate seems to be alike as they normally go hand-in-hand, however, a will is only
Every year there are millions of births recorded in the U.S. While becoming a parent is among the biggest joy of your life, it brings a lot of responsibilities along with it. You ensure that you give and do everything for your child to make their life comfortable along with securing his/her future. To secure your child’s future, you must ensure that you plan your estates. Though no one wants to talk about their death it is important for everyone and especially when you become a parent. The young parents often think that estate planning can be averted until they are older; however, the fact is you should plan your estates as early as possible. Estate Planning for New Parents-
Are you a single, and you are reaching retirement soon? Well, then this is the right time for you to do some estate planning. Estate planning for people who are single is very essential as after their death there won’t be any proper heir or beneficiary to their assets. Thus, it is highly necessary to make a proper estate panning if you are single or widowed. What Does Estate Planning Include? Following are some of the must-have items which should be there in any estate planning Last will and testament – This last will or testament actually consists of your last wishes regarding your distribution of your assets and who should get it. Power of attorney – You must have
Estate planning also involves some accounts like the saving and retirement accounts, insurance policies, etc., that can’t be distributed according to your will and pass on according to your designated beneficiaries in the form allotted by that particular financial institution. While opening an IRA account, you need to fill a form designating a beneficiary to specify how the money in that account will be distributed after your demise. This designation overrides whatever you have mentioned in your will or trust whatever you have opted for your estate planning. Estate Planning- However, apart from making mistakes like the way of investing funds and saving strategies, the biggest blunder can be not naming or naming a wrong beneficiary which either goes undetected
Mostly people think that estate planning is meant for rich and wealthy people and thus assumes that they don’t need estate planning as their assets will get transferred to the family automatically. While the fact is that each and every individual has one or the other valuable asset like a home, car, saving account etc. and thus an estate plan is required so that their wishes get fulfilled as without it, the fate of your assets and family is decided by the state laws. As estate planning is very difficult task, one should do the planning calmly and should not make a rush. Many people do mistakes while estates planning due to several reasons like evasion, scarcity of follow up