Here are four key elements of estate planning that can not only help to preserve the value of your estate, but also to ensure the efficient administration and disposition of your estate assets.
1. A will is the foundation for a real plan and deals with all matters concerning the final distribution of your estate assets. A will is a legal document that speaks on your behalf upon your death. If you do not have a will, the court will decide the manner in which the assets of your estate will be distributed – and this may not be to your liking. You can check out Estate Planning Attorneys in Chandler for getting more information about estate laws.
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2. A trust is a legal document that can be designed to address the unique situations that you may have in terms of the distribution of your estate assets. For example, the trust can be set wasteful to protect the interests of beneficiaries who are not good at handling money. A trust can be set up for the protection and administration of assets for small children, couples or for other recipients.
3. executor of your estate will need to know the location of assets and important documents. If you do not have proper records of assets and important documents, valuable assets can be "lost" during the estate settlement process. For example, there are billions of dollars of unclaimed money currently held by the government waiting to be claimed by the beneficiaries of deceased relatives.
4. It is very important to understand that most plantations are usually composed of assets that are not readily convertible into cash. For example, real estate, long-term financial investment, business interest, rental properties and other assets. In other words, most of the real assets are generally illiquid.