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Mostly people think that estate planning is meant for rich and wealthy people and thus assumes that they don’t need estate planning as their assets will get transferred to the family automatically. While the fact is that each and every individual has one or the other valuable asset like a home, car, saving account etc. and thus an estate plan is required so that their wishes get fulfilled as without it, the fate of your assets and family is decided by the state laws. As estate planning is very difficult task, one should do the planning calmly and should not make a rush. Many people do mistakes while estates planning due to several reasons like evasion, scarcity of follow up
Estate planning is not what is talked about much as no one wants to imagine about their death but as we know, it is a universal truth that no one can escape death. Hence, it’s better to plan your estate ahead of time so that you won’t regret later in the long run and your family won’t have to suffer when you are not around. Estate planning is not only meant for the property distribution after your demise but it is also to plan for the unexpected situations like if you ever become disable to decide for yourself and your estate due to mental or physical incapacity. Estate Planning Documents- However, being a complex process it is not easy to
Most middle-class people believe in the myth that estate planning is only for the rich. The truth is that it is more important for the average American to plan the inheritance for his or her family. Almost everyone can benefit from an estate plan. All people from any walk of benefit from basic planning. It is not as complicated as you think it is. It is not only about large businesses and inheritances but also about who inherits your assets. Studies show that nearly 60% of Americans have not written a will. 29% have the notion that they do not have enough money to need estate planning. This is a fallacy as it is important to save what you have
We spend our lives accumulating wealth and fulfilling the wishes of our loved ones. Apart from this, we plan for our retirement as well such as funding our retirement accounts like IRAs, 401(k)s, 403(b)s, etc. However, while starting these accounts we need to ensure that we have properly designated a beneficiary who would get the money if in case of our death. Failing to do so can result in our accounts facing probate for the distribution to the heirs. However, by properly updating the beneficiary designation one can avoid probate and thus such accounts can bypass the probate When a person opens a retirement account, naming beneficiaries is among the paperwork required to do so, which can be a single
If you are married or in a permanent relationship, instead of only drafting a will, it is necessary for you to understand how your marital property administration will affect the distribution of your assets after your demise. Also, if you are staying with your partner but doesn’t lie in the category of being a spouse and thus the planned inheritance could also get impacted. Further, if you don’t understand this impact it can cause you a lot of financial problems like inability to pay taxes and debts, forced assets’ sale and insufficient allowance for the surviving spouse. Estate Planning- The people, who are married, as well as homo and heterosexual people living together that are recognized permanent by the state