22nd Jul 2013
Dying isn’t pretty, but it’s a necessary part of life that all living creatures end up with. Unlike the rest of the animal kingdom, however, humans often leave behind some legacy or unfinished business when they die, particularly when it comes to their wealth. This is why estate planning and wills were invented, so that the departed’s last wishes with his belongings can be honored.
You don’t have to start writing up your will when you’re in your deathbed; you can actually begin planning for it as early as now. You’ll first need to find an estate planner (who’s usually a lawyer) who can help you draw up the plans. Upon hiring one, you can inquire the expert on how to go about handling the rest of your wealth.
Essentially, there are two parts to any estate plan: determining how your personal and your financial decisions will be handled. You’ll want to name people you trust enough to handle all the major decision making with your business or properties once you’re gone. In addition, you should talk with your estate planner in order to smooth the terms of the will, as well as determine whether or not the will tramples over any tax laws.