Why You Need an Estate Plan
Life is unpredictable, and you never know what might happen the very next second. We might be scared to talk about it, but death is inevitable, no matter who a person may be. Did you ever give thought to what will become of your property, your estate, everything you created by dint of hard work and sacrifice? Doesn’t it scare you that your assets might be either left to dissolve or worse, be abused by a stranger, rather than go to a worthy purpose?
Being prepared in advance can save you from such troubles, giving you peace of mind during your lifetime. One thing you can do to ensure that the assets you made from your hard earned money don’t go to waste is by opting for smart estate planning.
What is estate planning?
The process of making legal arrangements of how your property is to be taken care of and disposed of in your lifetime and after your death is estate planning. It often includes a will and a trust as well as financial and healthcare decision-making by trusted agents via powers of attorney documents. The purpose of estate planning is to protect the assets and property from a tax and legal point of view, give financial security to spouses, children, and loved ones after an untimely death, and enunciate your wishes and instructions for proper wealth management.
If you are in doubt as whether you need an estate plan or not, here are some questions to answer:
Do you have children?
If you have a child, who is a minor, you can create a living trust listing them as beneficiaries after your passing. This way, after your demise, your child shall be financially secure and your property, safe. The person, called trustee shall be legally liable to take care of the estate till the time the child has not reached a certain age, and according to the precise instructions and wishes of the grantor of the trust (i.e., you yourself), the estate shall be disposed of by the trustee.
How much estate do you have and in which part of the world, since every country and state have their estate planning law?
This is another crucial factor to consider framing an estate plan is the extent of your estate keeping in mind US federal and state inheritance taxes, as well as those of the European Member States, legal constraints and other tax ramifications. David Page and his team of international attorneys can help you with estate and will planning in Israel, the United States Of America, and elsehwere, including Europe, Canada, and Australia.
Do you have a business and will it need a successor?
Do you plan to keep your business in the family? There are many ways to formulate a business succession planning for an adequate distribution of assets and profits, after your demise. DavidPage Law and his network of proficient attorneys from Israel, US and other countries who are known for giving thoughtful and innovative legal advice to private companies, tech companies, and private individuals, as well as providing solid corporate and business lawyering through the legal technology platform InsideOutsideCounsel.
Benefits of Estate Planning:
- An estate plan can help, an individual or a couple, minimize the burden of estate tax such as the federal estate tax or state inheritance tax.
- An already composed estate plan will also eliminate the possibility of any conflicts between family members regarding your property in the event of physical or mental incompetence or death.
- You can protect your assets from unintended beneficiaries and unanticipated creditors by creating an estate plan.
Making sure your property, goes to those whom you trust to take good care of it after you are incapacitated or deceased requires formulating a well-crafted and thought-out estate plan. The procedure from initial to the final step of estate plan formation includes: calculating all the assets including relatively minor ones and appointing fiduciaries. This process can get a bit overwhelming. If you are looking for solutions regarding your will, trust, and estate planning, you can seek help from the Israel and US-based estate planning attorney, David Page. David Page Law and his team keep clients best interests at heart with fixed pricing and are trusted in the field for providing an adept solution with their expertise and client-oriented lawyering.
February 25, 2021
November 15, 2019