April 24, 2024


Law for politics

Estate Planning: More Than Just Having a Will

Prolific American inventor Thomas Edison, who developed many devices that continue to influence us to this day, once said, ‘There is no substitute for hard work.’ Working hard reaps rewards. Those who work their tail off more than the others usually get their rewards in the form of huge wealth – material or otherwise.

If you’ve spent most part of your life working like there’s no tomorrow and you now own tons of property and assets as a result, you can now relax as you enjoy your secure financial life. You have so much in your hands that even if you pass on, your loved ones that will survive you can still enjoy the reaps of your hard work. Of course, you need to make sure that only those whom you think deserve it get to own and/or manage the things you worked so hard to get.

For those who have more than the others, estate planning is imperative. This is to ensure the proper disposal of one’s estate in the event that he passes away. Contrary to what many people think, however, planning one’s estate is not only about having a will in place. It is also about making sure that the assets are provided for in a way that it won’t be burdensome for those who will inherit them in terms of paying taxes for the property transferred to them.

Arranging for the disposal of one’s property is done not only to prepare for one’s death, but also in the event that he gets incapacitated, or even if it arises from his bankruptcy or he faces legal prosecution. The goal is to make sure the property is protected and cannot be touched in case any of the circumstances mentioned earlier takes place.

Expert estate planning involves a range of to-dos: reviewing one’s assets (property, investments, and even insurance); identifying all avenues to provide for one’s dependents; securing or protecting the assets; preparing all the necessary documentation; providing proper legal advice – among others. Dealing with these things requires expertise and experience. It is therefore paramount that the law firm one gets is one that specializes in this field.

Another major factor in the preparation of one’s will or planning one’s estate is the issue of who gets what. If you’re preparing one soon, you have the final say as to who gets which piece of your property. Of course, your choice will not be dictated not by any lawyer, friend or family member, but by your own standards. It is, after all, your property, so you’re the only person that knows who deserves what.