Everything that you possess, everything that you own right now, for instance, the car that you drive, your house, your properties, your savings account, furniture, etc. everything falls into the category of an Estate. These possessions that you’re able to purchase after years of hard work and hustle surely depict the real struggle you’ve been through.
But have you ever thought about what will happen to those items after you pass away? Probably you must be assuming that you’ll distribute them to your close ones or some charity organization. But if you don’t register this plan legally, then it can turn out to be problematic for your family. This is where estate planning comes into the picture. A reliable estate lawyer of an established law firm will help you out in the legal documentation process of all your assets. They will frame a document that mentions your assets in a detailed way and the timeline according to which they will be distributed in the future. An estate plan is a legal document that assures that all your wishes are suitably followed, and that’s why you should contact a reliable estate lawyer in Ottawa today.
There are numerous things associated with estate planning like important instructions, rules, and regulations, eligibility criteria, etc. So let’s dig a little deeper into the topic and try to learn about it.
Why is an Estate Plan important?
An estate plan plays an integral role in protecting your family from debts, family disputes, property issues, etc. that may arise after your death. And it is important for everyone. There’s a strong myth that an estate plan is just meant for the elderly or ill people. Nobody has the power to depict the future of anyone. However, any income or gains made from this gift could have tax implications for the beneficiary, for example, gifts inheritance tax.
We don’t know how long we’ll live or survive. An estate plan will help you and your family against every miserable solution that can arise in the future. It doesn’t matter if you’re wealthy or not, an estate plan is pretty much beneficial for everyone.
Why are people afraid of it?
There are plenty of reasons why people don’t give sufficient importance to Estate planning. Some of the most common reasons are:
- They’re engaged in their professional life.
- They do not want to think about death.
- They think that they do not possess enough assets.
- They assume they’re not that old.
- They assume that they have an ample amount of time to plan it.
- They’re not aware of the whole process.
Key reasons to hire an estate lawyer
- Will and Estate planning are two different things
A lot of people out there believe that a will and an estate plan are two names of a single thing. Well, they are completely wrong and unaware. A will is just a small part of an estate plan. As explained by a reputed will planning attorney of Atlanta, a will explains the ownership of your physical assets after your death, but it does not possess any information related to the situation if you’re diagnosed with a mental illness and are not able to make decisions for yourselves. An ideal estate lawyer in Ottawa who specializes in inappropriate estate planning will make you understand the importance of these documents and will assess you in the whole process.
- Updation is very Important
Many people believe that creating an estate plan is a one-shot procedure. Well, it is not. There are numerous types of facts and regulations associated with an estate plan. Suppose if you’re not having a good relationship with a family member, or an important beneficiary dies before you or the arrival of your grandchild, etc. all these things are very important for an estate plan.
So that’s why there’s a need to review and update these estate plans regularly. A well-qualified estate lawyer in Ottawa can help you in this process and can also professionally govern the documentation.
- State laws should be obeyed
The most important step of estate planning is the process of designating a beneficiary, power of attorney, or healthcare representative. These people will be responsible for taking decisions on your behalf in certain conditions like accidents or any other situation where you would not be capable enough.
But like all states of The United States of America have their own set of rules and regulations, who can be appointed as your representative completely depends upon the law of the state you reside in. Some states only allow close family members to be your representative, so choosing a friend as your beneficiary in that state would create confusion.
That’s where an estate lawyer in Ottawa can help you out. They are completely aware of the technicalities and facts of all the different states and can help you out in making no mistakes in your estate plan.
So we think this summation of important facts and benefits of an estate plan would help you in making a wise decision for your family’s future.