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Your Possessions after Death

Posted by on Jun 5, 2014 in Estate Planning | 0 comments

Estate planning doesn’t seem to be in many people’s minds. Everyone has an estate – everything that you own, such as your car, house, estate, and other material possessions – which you may need to leave behind after your death. Estate planning is the process of creating the plan you will use to arrange to whom you are going to give what, as well as when they will be able to receive it.

Estate planning is a plan you do that involves a significant amount of people; family, friends, individuals that you are attached to, and even charitable organizations you value. It also focuses on the possibility of a future where you will be unable to take care of yourself. It is a complicated process, which is why The Majors Firm advises people who wish to plan their estates to hire a lawyer. Hiring a lawyer for estate planning can help in issues such as:

  1. Knowing your assets and determining their proper value
  2. Deciding which asset goes to whom, and when would be the appropriate time
  3. Appointing the right person to take care of your minor children in case you are unable to care for yourself
  4. Choosing what to do with your remains after death, and where they would be laid to rest
  5. Appointing the person who will take care of you assets if you are not able to do so

Regardless of the size of your estate, it is vital to appoint a person who will manage them as well as assist you in deciding about health and personal care when you have become too limited to do so. Failing to plan ahead could cause chaos and lost estates, therefore it is better to have an estate planning. If you have not drafted an estate plan, then the state can designate a person to handle your estate and its distribution, but it may not be to you and your family’s liking. You can begin by drafting a will or setting up a living trust. By planning your estate, you have the peace of mind that everything will work out after something bad happens.

Planning your estate is the responsible and considerate way to make sure your family is taken care of after you’re gone. Estate planning is only one part of protecting your future and the future of  your loved ones. According to the website of the Mokaram Law Firm, knowing when your rights have been violated and when you may be due compensation for injury can help ease the financial burden going forward. 

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