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The Importance of Filing an Estate Plan Planning is an important tool to keep matters in order. Since most people have possessions, it has become important to establish an estate plan, a document which plans for and sets out the methods for disposing an individual’s worldly possessions such as home, money, car and investments. This plan focuses to guide an individual to ensure the intended beneficiaries will receive the wanted possessions, and it also makes an attempt to maximize the worth of an individual’s estate by lessening taxes and other expenses. Men and women must be informed that apart from the core document of an estate plan, the Will, it also has to apply other required legal processes to reach the goals of making the plan. Typically, an estate plan contains trusts, property ownership, powers of attorney and other legal written documents that support the facts being stated. Some people disregard the importance of filing an estate plan. There are people that rationalized that since they don’t have a lot of possessions and since their affairs are simple, they need not have an estate plan, to illustrate, a married individual refuses to have an estate plan since he is aware that it is implied that all his belongings will be gained by his husband or wife.
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But no matter how simple the condition of living is, there are still advantages why it is important to file an estate plan. One of the most useful factor is that filing an estate plan will do away with any uncertainty or doubt about a person’s intention for spouse to inherit the whole estate. Not everyone is aware that when an individual with possession dies without a Will, the Laws of Intestacy indicates that if the couple has children, the spouse is only entitled a portion of the estate outright, with the remainder being shared with the children. This scenario could cause plenty of possible difficulties to the family. If the particular person dies without a Will, the spouse is left with potentially short funds or possibly required to sell the residence to give money to the children.
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Another factor is if the person is not yet married but is co-habiting a partner, the person is not entitled to any possession and the partner may have to fight in the courts for a share of the estate if the person die without a Will. Lastly, the person may also miss out on other essential issues such as appointing guardians for the kids. There are also written documents that are not attending to this important issues which leaves the family likely exposed to both unwanted upset and cost. Individuals must also understand that these estate plans should be renewed and kept up to date to replace outdated info for the benefit and security of the people involved.