Store What is Estate Planning? Believe it or not, you have an estate. In fact, nearly everyone does.
The number of people who own primary residences and who have invested in real property has increased greatly over the years. Further, the Estate planning essay public has become more sophisticated about investing, due in part to the fact that many people contribute to employer-sponsored investment plans.
Thus, it is important for individuals to plan for their retirement, for the possibility of becoming mentally or physically impaired, and for the distribution of their estate and assets after death.
Trust and estate law continues to be one of the growing areas of legal practice and will continue to grow as the baby boom generation enters into retirement. Moreover, there will be a tremendous transfer of wealth as that generation passes on.
This article presents an overview of the basics of trust and estate law as well as a brief discussion of the issues that can arise with respect to disposing of estate property. Trust Overview An estate includes all of a person's property: The purpose of estate planning is to manage the estate when a person is alive in order to arrange for the estate's disbursement after a person dies.
The first step in estate planning is for one to prepare a last will and testament.
A will is a revocable document that establishes how one's property should be transferred upon one's death. In addition to wills, there are other investment vehicles that transfer a person's property.
These include pensions, jointly owned property, gifts, and trusts. Moreover, life insurance policies and certain bank accounts that contain a right of survivorship take effect when a person dies.
All aspects of financial and retirement planning should include estate planning. Estate planning should also include a plan for the possibility of mental and physical incapacity.
One way to achieve this is by establishing a trust. Essentially, a trust establishes a legal relationship in which one party assumes control of an estate or assets for the benefit of another.
This allows a person to select someone to manage their estate while they are alive by designating a trustee who is responsible for holding and managing property for the benefit of the beneficiary.
There are different legal and tax implications that apply to wills and trusts, and a person considering trust and estate planning should consult with an attorney and a tax accountant. Applications Validity Requirements In order for a will to be considered valid, there are certain basic legal requirements.
First, in most US states, a person must be eighteen years of age, although this can vary an attorney can verify the applicable state law in this regard.
A person must also be of "sound mind and memory" to draft a valid will. This means that a person must be aware of the fact that he or she is executing a will, and of the property included therein. This is especially relevant today as more people are being diagnosed with Alzheimer's disease or other forms of age-related memory loss or dementia.
Any question concerning the mental capacity of the person making the will, or the testator, at the time the will was executed, can result in the will being contested during probate. Probate is the legal process that verifies the validity of the document and allows for the legal distribution of the assets or property included in the will.
A will must also include specific language that disburses the person's property and verifies that the person intends the will to be their final word in that regard. Further, the document must be signed by the person unless they are incapable of doing so because of illness, injury, or illiteracy.
In such cases, a lawyer, a person appointed attorney-in-fact, or a witness can sign on the person's behalf.
The will must be properly executed and witnessed usually by two people. The witnesses, moreover, cannot be family members, beneficiaries, or business associates. That means that the witnesses must be "disinterested parties.Category: Essay writing service We’re an internet based essay company that works challenging to facilitate faculty pupils like your self with essays, term papers, explore papers, and also other college or university composing jobs.
Estate Planning Essay by serendipity Estate Planning This paper discusses a variety of estate planning strategies to determine whether or not it is possible for an estate to become more effective in avoiding probate and estate taxes.
Estate planning is done to ensure that wealth and property are transferred smoothly to your loved ones in a manner that minimizes the depletion of your assets.
Advance planning can serve to minimize taxes, and can help avoid the common delays in the administrative process that settles your estate. Planning and Strategic Planning – Case Study The following report answers six questions from a case study titled Planning and Strategic Planning.
The report examines the theory of planning and strategic management and relates it to an organization called the Northern Alberta Institute of Technology. Estate Planning for the Elderly Essay Title: Estate Planning For the Elderly Course: TAX Gift, Estate, and Trust Taxation Table of Contents * Introduction * Power of attorney * Trusts * Wills * Joint ownership of assets * Lifetime gifts * Long term care insurance * Conclusion Introduction You may have heard a phrase like, “70 is the.
Essay on Estate Planning Michaela Romanova Mary and Robert Trenticosta case You and your husband are married for two years living in community property state with a prenuptial agreement declaring that all the property owned is a separate property.
You came to seek for advice to accomplish your financial objectives.