Sound Estate Planning is Imperative
Estate planning is the process of arranging for the disposal of your
property after your death. An estate is the net worth (total assets-total
liabilities) of an individual. In other words, estate is the total property
owned by an individual, which may include cash, jewelry, shares, saving
In the case of an individual, the term estate is used in relation to
deceased individuals in probate. Receipt of probate is the first step in
disposing off the individual’s property in accordance with their will.
The probate officially appoints an executor to distribute the deceased
individual’s property as per the specified instructions in the will. A will is
a legal document that decides as to who will receive a person’s property
after their death and in what amount.
Estate planning ensures that your family and financial obligations are
properly taken care of after your death. Estate plan safeguards the rights
of your family by assuring that most of the estate is transferred to them.
It also intends to maximize the value of the state by reducing the taxes
and other expenses related to your estate. Estate planning also assigns a
guardian for minor children, if any, and beneficiaries in cases of
We shall now discuss some important points in respect to planning of an
estate and how shall they be disposed of after the person’s death. These
1. Taking Stock of Your Assets
Like mentioned above, an individual’s asset is the sum total of all the
property they own. It can include, but is not limited to cars, houses,
clothes, insurance policies, retirement, investment and savings accounts,
lands, and retirement savings, among others.
Taking inventory of your stocks also helps you find the answers to three
very important questions. These are:
Who shall inherit your assets after you die? This is of paramount
importance since every person wants their family members to be taken
good care of after their death.
The second most important question that it will allow you to ponder over
is who handles all your financial matters in case you become
incapacitated owing to some illness or injury.
The third question it will help you comprehend is about the person who
will take and make medical decisions on your behalf under circumstances
when you are unable to make them yourself.
Law Firm Software is a firm that understands the real value of your time.
It makes software that automates document preparation and printing
related to estate planning. It thereby makes the entire process less time
consuming and hassle free.
This firm has won laurels for coming up with feature rich, easy-to-use
software that is compatible with all Windows operating systems.
2. Importance of Will
A will is a legal declaration which lays out the fate of your property after
your death. In other words, it is a legal document which is intended for
the purpose of letting the world know how you wish your property or
properties to be distributed.
Some people die without making any will. This is known as dying
intestate. It is important that you make a will before your death as dying
intestate will leave your heirs with no say in your property’s distribution
after your death.
A will assumes added significance when you have children who have not
attained adulthood. A will under such circumstances is the best way to
appoint a guardian for your children.
The issue of inheritance can be extremely dicey. Not undertaking
sound estate planning is akin to walking on a landmine with your
lead boots on. There is all probability of hell breaking loose after
your death if you do not have a proper or complete will.
Law Firm Software is a firm that specializes in providing easy to use
software for businessmen, attorneys, paralegals, and other
They have developed feature rich, Windows OS compatible, 706
Inheritance/Estate Tax Software, Chapter13 bankruptcy software,
and Chapter 7 bankruptcy software, among others.
Inexpensive and easy to use, this software can be used to quickly
prepare a high quality professional document.
Law Firm Software
7 North Pinckney Street, Suite 240
Madison, Wisconsin 53703+