Wednesday June 26, 2019
Home Business 4 Things You ...

4 Things You Must Know About Estate Planning

Estate planning involves planning for how an individual’s assets will be preserved, managed

0
//
An estate speaks of everything of value that you own. Pixabay

Like a stitch in time saves nine, estate planning saves your family the stress of court cases and verbal exchange, before the sharing of your wealth and assets. The burden of losing a loved one is grievous enough; estate planning ensures peaceful executing of your will.

Estate planning involves planning for how an individual’s assets will be preserved, managed, and distributed after death. It also takes into account, the management of an individual’s properties and financial obligations in the event that s/he becomes incapacitated. This planning is usually executed at the hand of an estate planning attorney.

The whole essence of estate planning, while you are alive, is to safeguard your assets, protect you from the payment of unnecessary taxes. It also serves to protect your will and desires when you become incapacitated or dead. Below are four (4) things you must know about estate planning:

  1. Age is no limit

Like it or not, you own an estate. An estate speaks of everything of value that you own. The ownership of valuables knows no limits neither does estate planning.

Estate Planning
Estate planning saves your family the stress of court cases and verbal exchange. Pixabay

Once you begin to acquire assets and wealth of any form, it is time to commence estate planning. No one ever knows when they would die, it could happen any day. You don’t want your efforts counting for waste.

Never sell or buy that ‘I am too young to start estate planning’. Every legal adult should have some form of estate planning. Be on the save side, do the stitch now and save nine.

  1. You need an estate planning attorney

The entire process of planning your estate cuts across several legal-based issues; hence the place of an estate planning attorney is both needed and necessary. Assets management matters are best handled by professionals, much more when the possible transfer of such assets is in view.

An estate planning attorney has the responsibility to put down your wishes for incapacity and death in writing. It is his duty to fine-tune your thoughts and desires, turn them into legal jargons and basically provide legal support. It is the duty of your attorney to cover the end to end technicalities of such contract.

  1. Planning helps you evade probate

As you would have already discovered, most of the benefits of estate planning are founded in law. It is the duty of your estate planning attorney to shield you from the hammer of the law.

Also Read- Trump Bans on Cruises to Cuba Originates Chaos for US Travellers

Probate is the process of authenticating a last will and testament of the deceased one. The court embarks on an exercise to verify all the assets of the deceased, pay off outstanding tax balances and shares the rest according to the last will. These probate laws vary from State to State. But with your estate planning in place, you have no worries, dead or alive.

  1. Prevent feud

With estate planning, you can easily prevent foreseeable feud between your family members should you get incapacitated or wind up dead anytime. Disagreements over who gets what has led to serious family feud in the time past; with estate planning this can be avoided.

Estate Planning
Estate planning ensures peaceful executing of your will. Pixabay

A properly executed estate planning can also help reduce tax feud with both the Federal and State Governments.

Also Read- Vietnam Jails Bloggers and Journalists, Congress Members Urge Greater Freedom of Expression0

Estate planning is not for the wealthy alone, it is for anyone who owns assets. Get yourself an estate planning attorney and save yourself the attendant stress of otherwise.

Next Story

Report: Employees, Managers Waste Too Much Time Searching for Executing Routine Tasks

The report surveyed more than 1,100 senior executives across eight countries and industry sectors

0
time, tasks
All of this takes time and focus away from people doing what they want -- and are paid to do, the findings showed. Pixabay

Employees worldwide spend more than 25 per cent of their time searching for the information they need to perform their jobs, and managers more than half of their time executing routine tasks, a new report said on Tuesday.

It’s a problem IT has largely created by steadily implementing technology they thought would simplify work, that has only made it more difficult, said the research from desktop virtualisation firm Citrix and the Economist Intelligence Unit (EIU).

Within a typical company, the average employee needs to navigate four or more applications just to execute a single business process. And accessing them requires managing multiple passwords and interfaces. All of this takes time and focus away from people doing what they want — and are paid to do, the findings showed.

time, tasks
When it comes to creating a world-class employee experience, nearly identical numbers of IT and HR executives indicated they feel personally responsible for improving it. Pixabay

“People today want the freedom to work when, where and how they want. And they expect things to be as easy as they are in their personal lives,” said Tim Minahan, Executive Vice President of Strategy and Chief Marketing Officer, Citrix.

“To attract and retain talent in today’s tight labour market, companies need to rethink what ‘workplace’ means and create digital environments that accommodate traditional, remote and gig workers and deliver the tools, and information they need to do their best work in a simple, unified way,” he added.

tasks, time
The report surveyed more than 1,100 senior executives across eight countries and industry sectors. Pixabay

ALSO READ: Yoga Apps to Make you Stay Fit this Summer

The report surveyed more than 1,100 senior executives across eight countries and industry sectors. “Nearly 36 per cent cited enhancing customer experience and satisfaction as the top reason for improving employee experience, just behind productivity and employee engagement (40 per cent), 31 per cent listed profitability, and 30 per cent called out talent retention,” said the report.

When it comes to creating a world-class employee experience, nearly identical numbers of IT and HR executives (74 per cent and 75 per cent, respectively) indicated they feel personally responsible for improving it. (IANS)