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Creating an estate plan requires input from several different professionals. This includes a lawyer, accountant, and financial advisor. They are responsible for ensuring your wishes are carried out after you pass. They also ensure your assets are structured and distributed correctly. You should consider an estate planning law firm that is experienced in dealing with such matters. They will ensure your wishes are met while minimizing the taxation that will be levied on your assets.
The most important part of an estate plan is creating a will. A will is a legal document that names a person or persons who will administer your estate after you pass. If you don't have a will in place, the government will distribute your estate according to a system called intestacy. There are other benefits associated with an estate plan, such as naming beneficiaries to receive the proceeds of your estate and making sure your financial affairs are in order. You may also want to consider an enduring power of attorney, which gives someone the power to make decisions on your behalf should you become incapacitated.
An enduring power of attorney is not a new concept. However, it is a very clever piece of legislation that allows you to name someone to make decisions on your behalf, such as selling or buying assets on your behalf, or signing documents on your behalf, if you become unable to do so. You should consider an enduring power of attorney if you own a business or are the head of a family.
Another important component of an estate plan is a business succession strategy. This will help you pass your business onto the next generation while minimizing the tax burden that will be incurred by your beneficiaries. This is the most important part of an estate plan, and should not be overlooked. You may also want to consider an advanced health directive, which will ensure your wishes are carried out even if you become incapacitated.
The most important part of an estate planning plan is to have your assets protected. This can be accomplished with a will and an enduring power of attorney. The other components of an estate plan include naming beneficiaries to receive financial investments and life insurance policies, arranging loans, and buying and selling assets. You should also consider an estate planning firm that can help you with such matters as home buying, real estate, and commercial matters. This type of firm is known for its dedication to providing real results to its clients.
The best way to plan for your future is to consult a reputable Wills Estates Lawyer. A Wills Estates Lawyer will guide you through the planning process, advising you on the best methods of distributing your assets.
