What is an Estate?
A common misconception about estates are that they consist of a colossal mansion with a pool and amenities. This couldn’t be further from the truth. Legally, an estate is comprised of everything you own — your home, car, insurance, bank accounts and so on. Everyone has an estate. And if ther’s something else that everyone has in common — it’s that you can’t take your estate with you when you pass away.
Estate Planning 101
Estate planning is the process of legally structuring the future disposition of current and projected assets.
Breaking it down, in the event of death, you want some sort of control over who gets your possessions, what you want them to receive and when they are to receive it. And of course, you want this to be done with the least amount of taxes and fees charged to you and your family.
Enter the concept of estate planning. Now, this isn’t necessarily for the rich. In fact, estate planning means more to families with modest amounts of possessions because they can’t afford to lose them.
Estate planning can include:
Establishing of wills
Advising on executor appointments and trustees
Why Do People Put Off Estate Planning?
Many people feel they aren’t wealthy enough to start deciding who gets their possessions. Some feel they’re too busy and just don’t have the time. Some people say they aren’t old enough. Then, an incident happens that takes your life — and leaves your family to pick up after you — with potential court interference. Is this a situation you want to leave your family in?
When Is The Right Time To Plan Your Estate?
Now! Now is the time for estate planning! No one wants to have to think about what will happen later down the road after death but by addressing this critical issue to your family sooner rather than later, you’ll be able to feel secure about your family’s future. At the very least, you can start the process and change it later, if need be.
The Biggest Benefit Of Estate Planning
At the end of the day, you’ll have peace of mind. Knowing that your possessions are in the hands of those that you choose will make you and your family better off. This all starts with proper estate planning — and getting the process started.
At Kinman &Associates Barristers and Solicitors, we work with clients who have estates of all sizes and varying complexities. We know the true importance of establishing a proper estate plan. We’ve seen the trials and tribulations of those who don’t and have come to us when the damage has been done. Avoid that by scheduling a consultation with us.