Estate planning is a document, explaining the terms and conditions as well as methods required for disposing the estate comprising your home, car, money, investments and many more. Estate planning ensures intended beneficiaries receiving your desired aim as well as attempts to enlarge the value of the estate by minimizing the expenses as well as taxes.
Estate plan includes property, ownership, trusts, powers of attorney as well as legal documents. How much ever you live in simple relations, you should maintain Estate Planning for at least three basic reasons.
On having a will, it removes the uncertainty of your spouse’s intention to grab your entire estate. As per the laws of Intestacy, if you die without any will, then your spouse would be receiving only a certain fixed percentage of your property and the rest will be distributed among your children. This can lead to difficulties at some point of time.
If you are unmarried but cohabiting your better half, then he or she is not entitled on any of your belongings. There is no inheritance law as ‘common law spouse’ and your partner may have to fight for your belongings if you die without any will. If you die without any will, you may lose some major issues like appointing guardians to your kids.
No planning to manage affairs if you are incapable. If you are mentally challenged, then the bank would be helping you in maintaining your accounts as you are not capable of it. Meanwhile, if you die, then even your spouse would not be able to extract the amount even if he or she has a co-signatory on the very account.
If you have not planned such will till now, then do the needful immediately. For estate planning, you can seek help from an estate planning Maui company.
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