Estate planning is not merely related to your planning for death rather, it is a plan for your life when you are mentally debilitated. Having an estate plan in place is very important because it reflects your wishes for your children, family, property and assets. Though estate planning plays a pivotal role in everyone’s life still, it is often ignored or overlooked. Many people work strenuously throughout their lives and build their estates to offer a comfortable life to their family members and close ones. Having an estate plan is important because it portrays your wishes for your children, family, property, and assets. You can consult with a deceased estate lawyer Adelaide and create an estate plan to ensure that your loved ones can live comfortably and there will be no feud among family members.
To understand estate planning in a better way, here are some common estate planning questions.
What is estate planning and why should you do it?
Estate planning is a process where you need to create various documents to safeguard your personal property and assets. Estate planning also reflects your wishes after you passed away or no longer want to take care of yourself. This plan also reveals who will be going to take care of your estate in the future and who you want to get the maximum benefits from your assets after you pass away. If you didn’t make an estate plan, your beneficiaries need to go through a time-consuming and expensive process to prove that they are the legal heirs of your estate.
What is the difference between a will and a trust?
A will, often called the last will or testament, is a legally drafted document that reflects how you want your estate to be distributed among your beneficiaries after your demise. A will is not exempted from the probate process. On the other hand, a trust is a document that creates a fiduciary relationship where a third party will act and handle your estate on behalf of your heirs.
What do you need to know about wills in Nevada?
In Nevada, you can make a will without a lawyer, but it is not recommended. Several steps you need to take to ensure your will is valid. You need two witnesses who are not beneficiaries. You need to sign the will properly. You do not need to notarize it, but if you do, this will speed up the process after your demise. Since this is a self-proving will, the court may not take certain steps to validate that this will was created and signed by you. There are certain laws that will allow you to cancel or rewrite your will.
What is probate?
After your demise, your estate will automatically go into probate unless you take some steps to avoid the process. Probate is a court-monitored process where your assets should go through before they are distributed to your heirs or beneficiaries.
The processes involved in probate are authenticating any will, locating and determining the value of all assets, paying bills and creditors, and then releasing the funds and closing the estate.
Can I avoid probate?
Probate is a lengthy and expensive endeavour. By following certain ways, you can ensure that your beneficiaries will not have to go through it.
First, several types of accounts already named beneficiaries are not subjected to the probate process. These are retirement accounts, life insurance, and bank account funds. These accounts are designated as payable-on-death.
By creating trust, you can avoid probate. You need to create a trust that includes as much of your property and assets that are allowable. Any portion of your estate that comes under the trust will not belong to probate laws.
Can I prepare my own will and figure out a plan all by myself?
You can, but this is not recommended. Many countries allow residents to prepare their own wills. There are some software and websites that will help you in this context. But a self-prepared will, without the assistance of estate planning professionals, can be easily attacked by dissatisfied beneficiaries after your death. In many situations, this is considered invalid right from the start.
If you have more questions regarding your estate planning, you should consult with Evans Testa Barristers and Solicitors. Evans Testa Barristers and Solicitors is a very well-known legal firm that helps you to deal with your estate planning and execution. The agency offers deceased estate lawyer Adelaide, criminal lawyers, divorce lawyers and many more.
By calling the company, you can consult with the experienced and deft deceased estate lawyer Adelaide. To know more, please visit the official website of the firm.