Estate Planning Records

Estate Planning Records

Estate planning is defined as the process of deciding how you want your
properties or assets distributed after your death. Simply put, estate
planning is considered as one of the most vital steps that a person must
undertake, especially if he wants to be sure of a great financial future
for his family.

Elements of Estate Planning

Here are several documents that you need to have in order to plan your
estate:

• Wills that include the designated beneficiaries of your assets.
• Living will and will variations.
• Power of Attorney, to name the lawyer who will carry out your estate
plans.
• Healthcare Proxy, who will make medical decisions in case you are not
able to do so.
• Trusts, which state how your assets will be divided after your death.
You can change the stipulations of your trusts by (revocable trust
history) while you are still alive.

Benefits of Estate Planning

• You can make sure that those who you would like to get the inheritance
would be the proper beneficiaries of your estates.
• Your family can avoid the costs and prolonged time needed for them to
receive their inheritances.
• It can help decrease the amount of taxes for the inheritors.
• Your family can carry out the type of burial or funeral that you would
like to have.
• You can receive the healthcare that you want even if you can no longer
decide for yourself.
• If you are the family genealogist, then you can make sure that your
records are safeguarded, and your task continued, simply by passing down
ancestor information to your beneficiaries.

When it comes to preparing for your family's future, estate planning is
one of the most vital documents you can ever have. Not only will it help
you carry out your desires in case you die, it can also give you peace
of mind, knowing that your loved ones are cared for even after your passing.


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