Estate planning basics
Greek philosopher Heraclitus had remarked that 'you cannot step
into the same river twice' i.e. time will never be the same...
'Change' is the only constant factor and 'Death' is the only
certain thing in life. So what is true for today will not be
true forever. A contended joyful life today does not entail
happiness for all the successive years. Time can flip today or
tomorrow. No one is sure that when the journey of life will meet
its end and our eyes will never open again to see the sunshine.
So, keeping the precariousness of life in mind, one should be
prepared for the good as well as bad times.
An essential feature of this preparation is the planning of
one's estate. Estate planning is foremost judicious step in
securing your family's future and also to fulfill your desires
after you depart from the world. Generally people think that
they do not need to allocate their estate now, this should be
done in old age. But the fact is that it is never too early to
plan your estate. Doing so will be a great assistance to your
successors. They will not have to tax their brains in dividing
and managing your share. This will save their time and effort.
You will also snatch your estate from being the victim of many
expected quarrels that may arise amongst your heirs. The best
part is that it is your wish that will be obeyed even in your
absence.
Apart from these merits, another wonderful thing to
pre-planning estate is the saving of tax. In order to do this
you require gathering complete information about the types of
will, the adequate time and manner of allocation of estate. Your
attorney can be the best person to seek advice from. Once you
make your intentions clear to him, he can direct you the correct
way to follow to achieve your goals.
There are several ways in which estate planning can be done. For
instance you can make wills (living wills are even helpful
within your lifetime), plan your funeral arrangements, life
insurance and other directives. ICMA RC is a good source to seek
help and guidance. It directs you the step-by-step procedure to
prepare your will and the manner in which you should bifurcate
your assets. ICMA RC also makes one aware that if he or she does
not write the will during his or her life period then after
death the court will have the authority to allocate the property
to the members. For those who have their own business ICMA RC
especially suggests is to leave behind a paper trail behind.
Documentation is the biggest evidence for your plans and desires
for the future.
Whereas future life (old age and its consequences) is concerned
Americans today largely rely on the Long Term Care Insurance.
This has proved to be beneficial to numerous Americans in
today's date. However, one should be ultra careful and educated
about the merits and demerits of policy before laying hands on
it.
Often people question the pre planning of funeral arrangement.
They think it is comical and worthless to do so. But they forget
that by pre planning their funeral they are making things least
complicated for their loved would be survivors. It is generally
seen that when somebody dies his family members are gripped with
the tension of funeral arrangements. They do not get any time to
express their feelings and feel the loss that they have met.
However, if the one who has died has pre planned his funeral;
everything goes smoothly without any hustle bustle and in
accordance to the will of the deceased.
So when are you planning your estate now...Remember it's now or
never...!