Fundamental points about estate planning

Fundamental points about estate planning

On Behalf of | Jan 25, 2022 | Estate Planning |

As someone ages, they may wonder how to care for relatives and others if he or she becomes ill or passes away. Estate planning steps could provide solutions for such Washington, DC residents, and others. A person need not be older to take part in estate planning, as younger persons and those of modest means could do so, as well. Anyone interested in estate planning might need to learn the basics about the process to put plans into action.

Estate plan fundamentals

DC’s intestate laws would guide the estate’s asset distribution when someone passes away without a will. So, writing a will could ensure things occur based on the testator’s wishes. Be mindful that a poorly written will could be legally invalid, forcing the probate court to follow intestate laws. It might be beneficial to work with a legal professional who understands what makes a will valid when writing the document.

When researching estate planning, the planner may learn there are other things to consider when devising a will. Beneficiaries may deal with estate taxes, so a planner may choose to take steps to help with the tax situation.

A planner may learn that probate isn’t always necessary for every asset. Designating specific accounts as “transfer on death” ones could alleviate some of the time and energy required for probate steps.

Other elements of estate planning

Other aspects of estate planning involve reviews. Life situations and circumstances change when people inherit money or see their family grow. Estate plans might require an update.

Estate planning could cover more things than a novice planner realizes. Health care and financial power of attorney forms may designate authority to another person to act on behalf of the grantor. A comprehensive review could lead to addressing the various aspects of estate planning.