Estate Planning | Why Is It Important
Estate Planning | Estate planning is one of the most important steps that any person can undertake. It will not only ensure that your wishes are honored, but will also ensure that your loved ones are well provided in your absence. Although most people often overlook this crucial process, a comprehensive estate plan can resolve quite a number of questions that may arise when you are gone. So what exactly is an estate and how can an estate plan help you? In this article, we are going to answer this two questions to help you know the importance of having an estate plan.
What is an estate?
Most people usually think that an estate is all about real estate property that a person owns but that is not true. On the contrary, an estate usually covers all properties that you own at the time of death. This includes all your real estate properties, life insurance policies, stocks, securities, bank accounts, etc. Along with personal properties like artwork, jewelry and automobiles.
Why it is important to have a real estate plan:
Regardless of your age or your wealth, an estate plan has the following benefits.
1. It strengthens family bond
One main benefit of having an estate plan is that it helps to strengthen bond in families. If you have estate plan, your family members will know that you actually care about them even after you are gone. This will strengthen the bond between family members.
2. It ensure that asset are transferred to the right persons.
Estate planning will help ensure that your all properties are passed to the right person when you are gone. This is very important because the estate will be transferred to those you have identified as beneficiaries within the shortest time possible.