Benjamin Franklin said famously, "Nowadays, there is nothing certain but taxes and death."
Sadly, you can't avoid loss of life. But a carefully drafted estate plan can help avoid taxes, family issues and lots of unnecessary heartaches. The next provides a standard summary of the estate planning process, and what things to expect. If you need any help regarding estate planning, you can also consult Los Angeles estate planning lawyer via www.edmundvincentlaw.com/los-angeles-estate-planning-lawyer.
Why does an estate be necessary by me Plan?
Most of us spend our earthly lives accumulating estate which, unfortunately, after our death, won't go around. The very best 2 known reasons for having an estate plan:
1. Which means you can copy your wealth to your selected heirs, in your selected manner;
2. And that means you can arrange for and limit the taxation of your real estate effectively;
Imagine if I don't possess an Estate Plan?
If you expire "intestate" (which is without a will) or lacking any estate plan, tons of things can occur, such as:
1. Intestate Succession: When someone dies without a will, the federal government will part of and make a decision that gets what.
2. Probate: The real estate could go to probate, an expensive and incredibly general population process. (See below: What's Probate?)
3. Guardianship of Minor Children: If both spouses expire, it may be beneficial to list who they need as a guardian.
4. Higher Estate Taxes. Higher estate taxes = less for beneficiaries.