What Is Estate Planning?
Estate planning is an essential part of a person’s life. It gives a family an opportunity to remember one’s loved one in the right way, without burdening them with a large amount of financial resources. Wills are used for these purposes. A will is the last will and testament of the deceased.
A will is a legal document that has the right to transfer ownership of property to the living or the next of kin. A will is also required in certain cases like when a person has died intestate and not legally dependent. An intestate does not have any legal capacity to manage his or her property and may have to give over all the assets in his/her name to the decedent’s surviving heirs.
There are various types of wills available. The first is known as a “simple will.” In this will, the decedent designates the time period he or she wants to die and the conditions under which they are buried. There may be specific conditions under which a deceased must live, such as to take medications or to go for medical treatment. The state where the deceased was born or was raised can also affect the conditions under which the decedent will pass on. A simple will usually requires that no will covenants against creditors of the deceased.
Another type of will is called a “living will.” The living will allows a living person to appoint the agent for his/her estate and designate a beneficiary. The living will is typically written at the time of death. The living will is used as a means of making sure the wishes of the decedent are not disregarded during the probate proceeding.
A last will is also another form of estate planning. A last will is prepared when the living will cannot be executed because the decedent has already passed away. This last will does not grant any rights to the living; it simply states who should be entitled to the estate of the deceased. The last will is used to prevent any heirs from having their inheritance taken away by the probate court. This will may also be used when the decedent is still alive and wishes to leave a Will under certain conditions, such as giving up the house to his or her close friends.
No matter what type of estate planning plan you choose to go with, it is imperative that you understand and follow through with the final wishes of your deceased. No one wants to see the family he/she left behind in a difficult situation in order to pay for funeral costs, or other debts that may arise. The living will and the last will allow for a smooth transition of all of the estate’s assets in the event of death. You want to ensure that your loved one is not left to the mercy of creditors and that may try to take custody of the assets during the probate process.`