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Everyone leaves behind an estate. Everything you own, movable and immovable possessions form a part of your estate. Your children will be grateful that you did your estate planning well beforehand and left them with clear instructions about your wishes. It not only reduces the legal hassles but also helps your heirs avoid conflict and reduce costs of inheritance. What Exactly Is Estate Planning? Man is mortal, and there will be a day when he leaves back his mortal possessions. To smoothen the process, you can plan in advance and name the people who you want to leave your things to after you die. The need of the hour is to plan the process well. This is important so that
The modern world has turned many old estate planning theories upside down. The digitally-enabled world has many new assets that are available online. You are most likely the owner of a veritable trove of digital assets that you don’t even think of as assets. There are websites, domain names, e-photos, social media accounts, and even blogs. These are capable of being memories or even translate to income. How Are digital Assets Important To Estate Planning The internet age has made all records electronic. The age of paper records is slowly diminishing and there are now all statements of storage of financial dealings on the computer. The eco-friendly paperless ethic is permeating many homes in the USA. Even most of the
During a down economy, estate planning becomes the lowest priority as their net worth either stagnates or starts decreasing and people start looking for the options with which they can save maximum. However, they are unaware of the fact that some estate planning techniques work specifically during a recession and low-interest period. Expending money on such techniques can prove out to be an excellent option to dispense the asset from your estate while saving the taxes imposed on them. The economic recession can provide you with some opportunities if you approach estate planning with a long term perspective. Estate Planning In the Down Economy- There are many estate planning techniques that you can utilize to make the down economy advantageous
While no one wants to think or talk about mortality, however, one wants to secure their family and estate after their demise. While most people are aware of creating a last will in estate planning, it is mandatory to choose the correct person to manage your estate in your absence. An executor is a fiduciary who, upon your death, is responsible for managing every aspect of your estate. The person, also called a personal representative, has a lot of responsibilities like calculating the assets and handling the debts and distributing the remaining property to the heirs. Estate Planning- Reasons why you must have an executor appointed to handle your assets after your demise are as mentioned below: 1. Estate is
Estate planning is not what is talked about much as no one wants to imagine their death, but we all know that it is something that can’t be escaped. While we spend our whole life in accumulating wealth to secure our loved ones, we would definitely want them to be secured after our 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- Irrespective of your age and value of your estate, you must plan it. Estate planning is not only meant for the property distribution after your demise but it is also to plan