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3 Common Estate Planning Issues

July 26th, 2007

Estate Probate
Estate Probate is often a long evolution that ensures that your will is acceptable. This validation frees your estate of debt owed. The costs of estate probate are often extensive due to court costs. And regardless of whether you have a will or not, an estate will still has to through the timely and sometimes costly probate process.

You can, however, lower or even discard these fees. Establishing a living trust is one of the best ways to so. All the delays and cost that come with estate probate can be avoided rather simply by establishing a living trust. In addition to more speed and lower estate costs you can be assured that assets placed within a trust are sheltered from creditor attachment.

Living Trust
Purchasing a Living Trust is a great way to make sure you’re remembered and that your legacy is carried on.
Dealing with the inevitable truth of death isn’t the most enjoyable form of estate planning, without a doubt, however, it’s definitely one of the most critical. When thinking about how our legacy is remembered it’s easier for us to think about our certain mortality. Maybe you want to be remembered through a specific charity or just avoid probate that’s tied to a will. Regardless, a living trust is certainly one of your best options.

In a nutshell, living trusts are a vehicle that transports your fortune from one entity to the next. While the individual putting the assets into the living trust is the trustor, the individual that manages the living trust is called the trustee. And the beneficiary, of course, is the individual or organization whom procures the property or assets.

Living Will
A Living Will as well as a medical power of attorney are some of the most important tools available when planning for your estate.

The first thing that should be set up in case you’re not able to make your own choices that may result form an accident or the like is a living will. What a living will does is explains what type of medical treatments can be or can’t be executed on you. In addition, it sates whether you’d like resuscitation should you enter a non-responsive state.

You want to ensure that your family understands your wishes. So, make sure you sit down with your family and discuss these issues before drawing up a living will or medical power of attorney. A financial advisor with estate planning experience can be invaluable and ensure that all bases are covered. Living wills and medical power of attorneys can be simple or downright complicated. The more extensive they are, however, the more your desires are conveyed. This will provide a high level of comfort to family members during tough times when dealing with major medical decisions.

Entry Filed under: Real Estate