subject: A wills or an intestate succession!!? [print this page] A wills or an intestate succession!!? A wills or an intestate succession!!?
Estate planning is in order to maintain the net worth of a person and his liabilities. It helps in saving the assets - legal rights, interests and entitlements to property of any kind and keeping it in the best interest of the person. Estate planning enables a person to decide for both real estate and personal property. It also ensures the persons right on the property during the life time and enables him to decide who and how his property will be inherited upon his death.
Will is the best way for estate planning it allows a person to distribute the property to one you choose. It also gives you the right to name the person that you want to be responsible for making that distribution. It is a legal document that tells your wishes and desires upon your death for your assets and possessions. Estate planning through creating a will is typically an attempt to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. This also makes easy for the heirs to inherit the estate.
The preparation of will is necessary for all no matter how large or small is the estate you are planning for. It is even more important for young parents; through a will they can not only help to designate the beneficiaries to receive the property but it also allow you name the Guardian for your minor children should something tragic happen to both parents while the children are still minors. However many people put off the preparation of will considering it unimportant.
Dying without the will is no less than a catastrophe; the legal term for dieing without preparation of will is called dying intestate. In such circumstances the state law controls and generally distributes your property to your spouse and/or your closest heirs. This may or may oppose to what you intended. Furthermore, if one dies without nominating a guardian for the minor children, the state could appoint any one as a legal guardian of your minor children, who you may not trust. Finally, by failing to appoint someone to carry out your wishes, the state can appoint anyone to be the administrator of your property, and the administrator may have to pay certain fees or post a bond at the expense of your estate, before he or she can begin to distribute your assets.
Thus, estate planning is mandatory also executing the will correctly is also an important aspect. If the Will is not properly executed, it may not be valid. There are many cases throughout the country every year where Wills are not accepted as valid because they were not signed and executed properly. Upon your death, a properly drafted and executed Will controls the disposition of all of the assets that you accumulate during your lifetime. Most attorneys charge a very reasonable fee for the preparation of a Will. Make sure that your will is prepared in consultation with an attorney!
