The most important tool of Estate planning is the will. Many people neglect the preparation of a will because they do not feel they have sufficient wealth in their estate to justify one. This is not true at all. Just about anyone who has any type of asset should have a will.
The will is a legal instrument that speaks for your wishes after your death. There are other tools such as trusts that are a part of the estate planning process. You can also go to this web-site via http://speedwelllaw.com/alexandria-estate-planning-attorney/ to get more info about estate planning.
Estate planning works very much like other forms of financial planning. It involves the preparation of a comprehensive, coordinated plan that ties together all the various aspects of your financial situation. It involves a complete inventory of your assets.
This includes not only your physical property, but also need to consider your Insurance policies, your retirement funds, annuities, and any other source of income. The plan includes the selection of beneficiaries. The beneficiaries are the people that will receive your assets after your death.
Estate planning is also very much a taxation issue. The tax implications of estates can be complex and in some cases can have devastating impacts on the people that you leave behind. Instead of providing for them, poor tax planning can put additional burdens on them after you are gone. Estate planning requires a lot of knowledge of issues that are sometimes confusing. Insurance professionals and financial planners can help you navigate through the murky waters of Estate planning.