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What to Know About Estate Planning No one wants to contemplate death. In life, there’s so much to worry about apart from dying. Bear in mind that dying is inevitable and everyone needs to prepare for it. Do you have a will? If you don’t, you can leave your loved ones with many problems if you suddenly die. If you plan in advance, however, you’ll ensure that your loved ones get your assets and money. Regardless of how much you’re worth or your age, you need to spend some time planning your estate. Remember that estate planning often includes a will, a trust, as well as assignment of power of attorney. If you have a huge debt burden, your family still needs to know how your estate should be handled. If you don’t use an estate planning lawyer, there will be utter confusion and chaos after your death. There’s much more to estate planning than distribution of assets and money. Without a will, your loved ones may end up paying your debts. Your loved ones can end up footing your funeral bills without a refund for many years. If you’re cohabiting with someone or married, it’s recommended that you and your partner discuss your wills. You could be evicted from where you’re staying if your spouse passes away and no arrangements are in place to let you live there.
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Then again, if you’re divorcing, make sure to remove your partner’s name from your credit cards, bank accounts, insurance, and 401K account.
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Most of us are too afraid of death to even think about it, but you need to plan your future as well as that of your loved ones. The goal of a working estate plan is to distribute your estate according to your wishes after you die, to make sure those you love don’t have to clear your debts or pay taxes on your assets. It also ensures that your loved ones will manage your affairs when you’re ill and unable to take decisions. Remember that the state will find out which of your family members will receive your assets and money if you die without an estate plan. This could have devastating consequences on the issues of child custody and estate sharing. This is all the more reason to use a seasoned estate planning attorney. You can also get legal services and advice about any issues you have from an estate planning attorney. It’s important to trust your lawyer and get advice before you draft a will and sign documents related to your estate’s power of attorney. Bear in mind that regardless of what your net worth is, it’s essential to create a simple estate plan that will ensure that those you love most are well taken care of, in the event of your death.