It’s important to know that everyone has an estate, it’s not just based off any property you own. Your estate can include your home, car, other real estate, bank accounts, life insurance, investments, personal possessions, and furniture.
You should always plan for your death and how your estate will be distributed amongst your loved ones. You want to make sure that your wishes are carried out, so instructions help a great deal. You need to make sure that this happens with the lowest amount of taxes, legal fees, and court costs. Estate Planning Lawyers Pottstown PA can help you with that.
Making a plan in advance is essentially what estate planning is, as well as naming who receives what out of your assets. There are other things that are attributed to estate planning, such as:
* Instruction for passing your values (education may be one or religion) as well as your valuables
* Instructions for your care if you need to be placed in a facility before you die
* ALWAYS name a guardian of your will/estate planning
* If you have minor children or are giving minor children something appoint an inheritance manager
* If you want to provide for a loved one who may be irresponsible with money
You need to keep this updated constantly. It should be reviewed and changed if things change such as your family and financial situation. It is a constant process until the event of your death.
Unfortunately, too many people do not plan ahead of time. It is not just for the wealthy or the elderly as most people seem to think. The excuses of not being old enough, being too busy, thinking that you have plenty of time, or just not willing to speak about this. If something happens, you leave your family without any knowledge on what will happen.
Estate plans begin with a will, which usually has your instructions attached to it. It may take a long time for your will to be fully realized, but at least it is a private affair within your family. The time frame could be nine months to two years and more. In the end though, the court at least controls the process, so you need to make sure all your affairs are in order. If you need more information about Estate Planning Lawyers Pottstown PA, Visit website of David T. Schnarrs.
