Kahului Estate Planning Benefits

Estate planning is simply the procedure of arranging and anticipating, through the life of an individual, for the proper management and disposal of his/her estate in case the individual becomes permanently and suddenly disabled and upon death. An estate consists of a personal property and assets, jointly held with all the beneficiaries named in the Will. This includes the right to receive inheritances from all the assets, property and funds collectively owned by all the named beneficiaries during the lifetime of the deceased individual. The process of planning and organizing the estate of the deceased is known as estate planning. I strongly suggest you to visit Kahului Estate Planning to learn more about this.

Estate planning, in case the deceased has already passed away, comprises the following: organizing and settling the estate and making all payments and obligations, including taxes, to the government authorities and financial institutions in accordance with the instructions provided by the will. If the decedent was capable of making financial decisions, the decisions need not be necessarily made by you unless you have legal competence, if so you may appoint an estate planner to make all important decisions on your behalf. This is to ensure the smooth running of the business and to protect your interests. There are many ways in which you can execute and manage the estate during the remaining period of life of the incapacitated individual such as: making a Will, executing the Will on your own or through a lawyer, enrolling your beneficiaries in an investment plan, creating a revocable living trust and also executing the D&A (doing business as) deed of trust.

Once you have decided and registered the Will, it becomes your responsibility to pay the inheritance taxes and pay the probate fees to the state authorities. If you are unable to perform these tasks due to some unavoidable reasons, you can appoint a qualified financial advisor to assist you in estate planning. You can get in touch with the local or state financial advisor by: requesting a referral from your loved one, requesting a referral from your bank or credit union, visiting the website of the National Foundation for Credit Counseling (NFCC). There are a lot more information about estate planning and how to go about it on the NFCC’s website.