Reasons For Estate Planning
Estate planning, in its simplest terms, is the preparation for one's death or incapacitation. You should do it now, regardless of your age or health. It is important for each of us to recognize that substantial wealth or assets are not a factor in determining the need for estate planning.
The basic components of estate are: making a will, minimizing taxes by setting up trust accounts for beneficiaries, naming a guardian for living dependents, appointing an executor to enforce the terms of the will, establishing funeral arrangements, setting up a program of annual gifting to reduce the taxes on the estate and establishing a durable power of attorney to direct other assets and investments.
As the list implies, accumulated wealth and assets take many forms. While you may not be flush with cash, there are other things, more precious, that deserve to be cared for in the event of your passing. You can get more information about Estate Planning via www.voyantlegal.com/ website online.
There are many resources on the Internet that can be of value in helping you locate an estate planner in your area. Keep in mind that estate and probate law vary state to state, so prudence dictates that you select an estate planner from your home state.
When seeking out and using information from online guides for estate planning, be reasonably cautious. Unfortunately, there are many bereavement scams targeted at consumers. Estate planning without an asset protection plan is a waste of time. It's best to find out what types of benefits are available when you do an estate plan.