The process of estate planning |
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The term estate planning is used to describe the accumulated or the disposed estate so that the goals of the owner of the estate can be maximized. The goals that are included in the planning of the estate involve the aspects like the financial interest of the owners. The goals also include the fact that the larger or the maximum amount of the estate should go to the owners intended beneficiary. The entire process is planned out in a way so that the least of the taxes can be paid and also so that the minimum probation of the court is there and if possible then none at all. The goal of the estate planning also includes the options for giving and designating the apt guardians for the cases where the children who are entitled to get the estate are minor. The estate planning also includes the planning out of the estates due to incapacity. There are various kinds of the Estate planning tools. These include the will of the owner, the various kinds of the trusts, the designations of the different beneficiaries, and the powers of the appointment of the same. Then there are the various kinds of the property ownership methods like the joint tenancy options like the rights of the survivorship, the tenancy in common options, the tenancy entirely, and the other aspects like the gifting and the various kinds of power of attorney. In this aspect the durable power of attorney for the finances and the durable power of attorney for the medical reasons are vital. The lawyers these days always suggest there clients to opt for the living wills so that there are no major disputes after the death of the owner. There are many people who often confuse the living will with the medical power of attorney. The living will is about the decisions after the death of the owner while the medical power of attorney deals with the giving of the decision making authority of the person to someone else who can be a member of the family or a close friend also. In this case even though the power of attorney grants all the rights of medical decisions to another person the person has no power to make any other decisions after the end of the patient’s life. These are taken care of by the members of the family. Posted by subhasis on Wednesday Apr 16 reply Comments |
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