The prolific American inventor Thomas Edison, who developed many devices that continue to influence us to this day, once said, “There is no substitute for hard work.” Working hard reaps rewards. Those who try harder than others generally get their rewards in the form of great wealth, material or otherwise.
If you’ve spent most of your life working like there’s no tomorrow and now own tons of property and assets as a result, you can now relax while enjoying your secure financial life. You have so much on your hands that even if you die, your surviving loved ones can still enjoy the harvests of your hard work. Of course, you need to make sure that only those you think deserve it can own and / or manage the things that you worked so hard to achieve.
For those who have more than everyone else, estate planning is imperative. This is to ensure the proper disposition of the property in the event you pass away. However, contrary to what many people think, estate planning is not just about having a will in place. It’s also about making sure that assets are provided in a way that is not a burden to those who will inherit them in terms of paying taxes on the property that is transferred to them.
Arrangements for the disposition of property are made not only to prepare for death, but also in the event that you become incapacitated, or even if you arise from your bankruptcy or face legal process. The objective is to ensure that the property is protected and cannot be touched in the event of any of the circumstances mentioned above.
Expert estate planning involves a series of pending tasks: review your own assets (property, investments and even insurance); identify all avenues to provide for one’s dependents; insure or protect assets; prepare all the necessary documentation; provide adequate legal advice, among others. Dealing with these things requires knowledge and experience. Therefore, it is paramount that the law firm obtained is one that specializes in this field.
Another important factor in will preparation or estate planning is the question of who gets what. If you’re preparing one soon, you have the final say on who gets what part of your property. Of course, your choice will not be dictated by an attorney, friend, or family member, but by your own standards. After all, it is your property, so you are the only person who knows who deserves what.
