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Remember the adage that the only two things assured in this life are death and taxes. We don’t really talk about death since it highlights our own mortality. But it is important to talk about death, or rather what happens after you pass away especially if you have a family and assets to leave behind. This is because if you don’t make any plans concerning the distribution of wealth, you can leave a myriad of problems for your loved ones. A last will and testament takes care of that concern, and if you haven’t done so yet, you need to take steps to writing a will for your family’s sake.
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When a person dies (the decedent) a major concern for those left behind is how to distribute the dead person’s property, or estate to the proper beneficiaries. The laws that regulate such distributions have developed to govern how a decedent's personal and real property is distributed to their heirs. Since the consequences of who gets what after someone dies are so important, there is a good body of statutory and case law relating to this subject. Dying without a will occurs regularly despite the ease of creating wills as part of a good estate plan. Understanding the intestate law may give you the push to make a will if you haven’t done so.
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For family members deciding to let a comatose or vegetative loved one die is a heart breaking and difficult decision to make. It often divides family members over the decision. Remember the controversy over Terri Schiavo's right to live, or die. Terri was a 39-year-old woman on life support for more than seven years since a heart attack cut off oxygen to her brain. Her husband said that she would want life support terminated because of her vegetative state while her parents countered that she was responsive and should be revived. After seven years of media attention, involvement by politicians and advocacy groups, including members of the Florida Legislature, the United States Congress, and even the President of the United States, Terri was disconnect from life support on March 18, 2005.
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Probate is the legal process by which a court administers the estate of a deceased person by resolving all claims and distributing the deceased person's property through an executor according to a valid will. However, if an estate is probated or distributed and closed through the legal process, the process can take months, or even years, which means that the property’s ownership is in limbo. And of course there are the expenses involved. Get around this by creating a living trust to avoid probate. The biggest advantage in making one is that any property left through it doesn't have to go through probate court.
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Despite the importance of having a last will and testament in an estate plan, about seven out of ten Americans die without having written one. Even though a last will and testament is such an important document in estate planning, it is a wonder why don't more people have one? A reason perhaps has to do with our own psychology. Unfortunately, when we make a last will and testament, we are forced to acknowledge our own mortality and we all know dealing with death is difficult. Be that as it may, you have to know that if you don't have a last will and testament, it will be much more difficult for your loved ones after you are gone.
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They say that two things are assured in life—death and taxes. However, many would add, and I’m sure those who have experienced it would agree, that the struggle to figure out who gets what after you pass away is also a sure thing. Understanding the basics of estate planning can make the transfer of your assets to your loved ones less painful so that you can rest easy—no pun intended. “Why do I need to do estate planning when I really don’t have much?” is usually the common question asked by a lot of people. My answer to that is it doesn’t really matter whether your estate is large or small.
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Set Up A Trust Fund For Your Child’s Future
Are you worried for your children’s future? Well, the best thing to do is to set up trust fund for them. Rearing a child requires a lot of responsibilities. You will not only feed them but as much as possible you wish them a very comfortable life. It’s OK if money will flow all the time. Sometimes, you don’t know what will happen many years from now. What if you will lose your job and see yourself broke and financially miserable. Actually, there are lots of what ifs that have been going in to your mind. To stop all your worries, you might as well invest for the welfare of your children.
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Start Making Inheritance Planning Now
Death is inevitable in our lives. Even if you don’t want it, it will still happen to you. The time however is not known- we can never tell when it will be. Before saying goodbye to the whole wide world, you must be prepared. One thing you must consider is the estate you will be leaving behind. Inheritance planning is not always for the wealthy persons. Even though you only have enough assets, it’s still assets in the strictest terms. It’s very advisable to divide the estate before hand so as to avoid conflicts among those you will leave behind.
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Why Set Up A Revocable Living Trust
Understanding the nature of a revocable living trust is only as complicated as you think it to be, and how other people explain it to be. There are thousands of people, perhaps you’re one of them, confused with such explanations given by individuals having knowledge on the subject matter. So for the benefit of all, I’ll try define it in the simplest terms possible, for the sake of deeper comprehension, and to ultimately lower the number of baffled chumps – ready? Let’s get on with it then, starting here: basically, a revocable living trust is a legal document stating the manner in which your estate will be distributed amongst the beneficiaries.
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3 Qualities An Estate Planning Lawyer Should Have
There’s no way you’re going to bring your belongings with you when it’s time for you to meet your maker. When you die, the assets that you worked so hard for are going to stay stuck on this planet, which would no longer be of any use to you. A selfish individual would “torch” all of his goods, thinking if he can’t have it, then nobody can have it. That’s just plain wrong – the better and more logical approach would be to come up with an estate plan. Estate planning is where you entrust everything you own onto certain individuals of your choice (preferably your family).
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