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Estate Planning


Estate Planning Today

Estate planning is basically the process of pre-planning the allocation of your assets and money among those who are dear to you. The estate plan only comes to effect after your death, which is why planning it beforehand is necessary to avoid confusion afterward. The widely held misconceptions about estate planning need to be changed, and the importance of estate planning must be fully understood.



What does “Estate” Mean?

Estate usually gives the vibe of a large plot of land, but not in this case. The estate includes everything that you possess that has a value. Directly speaking, your estate comprises your land, property, vehicles, insurance, furniture, bank accounts, and other material belongings.

When should you Consider Estate Planning?

If I ask what is currently on top of your to-do-list, the probability of you saying estate planning is very low. Estate planning sure could be somewhere in the middle of the things you plan to do someday, but most of the time, it gets clouded. Always thinking it is too soon, feeling too busy, also pressured or confused to consider estate planning can cause you to postpone estate planning. This delay could go on forever, and when the day of finality comes, you will leave a confused family to fret and fight over your possessions.

Consequences of not having an Estate Plan

If you fall suddenly ill and become incapable of handling business, a court appointee will be the only person who will be legally allowed to sign for you if you still have the assets under your sole proprietorship. Having the court to deal with your assets instead of your family will be both costly and tiring. After your recovery, it will take a good many attempts before you can finally bring the court’s involvement of your assets to a closure.
Dying without properly settling your estate plan can bring many complications. When estate planning is absent, your possessions will be divided among the living members of your family based on the laws of the province you belong to. The way your assets will be distributed among your spouse, and your children will not be the way you would have precisely wanted to. Estate planning is really important to get everyone in your family to receive the share you want them to receive. It would be devastating to die, knowing that the court will name a terrible guardian for your minor children. If you do the estate planning beforehand, you will not have to worry about the inheritance of your minors, because you can name the perfect guardian to take over in your absence.

How Estate Planning Works

Making a will seems to be the only thing that is needed to be done in estate planning. Any experienced lawyer or a notary public will tell you how untrue this is. Estate planning involves a lot of organization, where you need to consider the options of death, illness, and disability. The three crucial elements that form an estate plan are a power of attorney will, and the representation agreement.

Representation Agreement

A representation agreement is a document that enables you to appoint a person to take care of your financial, personal, legal, and health decisions in the inability to decide on your own. A paid caregiver (unless they are the spouse, parent, or child of you) who works as a personal or a health-care service provider to you cannot be appointed to this position. The document is called a representation agreement, and it creates a contract assignent between you and your representative Representation Agreement Act needs to be lawfully signed to be officially counted as a document that enables someone else to represent you in your life’s decisions.

Power of attorney:

A power of attorney is a legal document that makes one eligible to act on behalf of someone else's legal and financial matters. The person who is named by you to own this document becomes the “attorney”, and will afterward receive the legal right to act on behalf of you.

Will:

The Will, else known as the “testament” or the “last will”, is the document that includes your last wishes and the way you want your property, money, and possessions to be distributed once you die. You can always change the sentences of the will as long as you are alive, but what is written finally will take effect as soon as you die.

Valid Will:

This is different from the will we looked at earlier, for there are three necessary components to a valid will to exist.
1. A competent will-maker.
2. The document must be a genuine declaration to the true intention of the maker of the will.
3. The testator’s purpose of the document to be a will must be clarified.
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