An estate plan is one of the most crucial steps a person could take in his lifetime that ensures that his loved ones are the beneficiaries for all his assets for which he has worked hard throughout his lifetime to assimilate. Needless to say, the more property you own, the greater your need for estate planning is. The objective of this article is to explain what an estate plan is and to answer other relevant questions you would have regarding the intricacies of an estate plan:
What is an Estate Plan?
If an estate is the extent of all the property you own, an estate plan is the elaborate planning that you put in, to classify, categorize, summarize and execute what happens to these properties towards the later stages of your life, in the time of your death, and in the time following your death.
The estate plan would identify the people that you believe should be the beneficiaries of your estate. These people generally include your family members and other close ones that have contributed to your life. The most important feature of an estate plan would be the minimization of time, costs, and additional taxes that generally comes into play when a transfer of assets of this scale is taking place.
What is Usually Covered by an Estate Plan?
An estate plan is a very comprehensive document that contains all information pertaining to the nature of properties you own and the division of the same among the various beneficiaries of your choice. The assets that are generally included in one’s estate include the real estate in their name, their bank accounts, their life insurances, all stocks and securities in their name, and the other personal property they own, such as collectibles, artwork, automobiles, and personal belongings. Real estate lawyers in Edmonton would further guide you through the specifics and ensure an equitable division of these collaterals.
Why is There a need for an Estate Plan?
An estate plan is generally considered a practical, financial and legal safeguard. It is done to avoid probate, to reduce the estate taxes implemented by the federal government, and to protect the beneficiaries from bad decisions and creditor problems. An estate plan is also useful in negating the risks of unforeseen creditors who might endanger your assets.
How Does an Attorney Help?
It is vital to consult real estate lawyers in Edmonton to ensure your estate plans are in compliance with the provincial laws, and the specific details of what is eligible for transfer under an estate plan also need a legal expert. The need for an attorney only increases if you have a disabled or a minor family member, if you own multiple businesses, or if you have estates in multiple provinces. Having an experienced legal team such as Prowse Chowne at your side to see through the execution of your estate plan is also crucial for the benefit of your beneficiaries. Visit the Estate Planning Services for further clarity.