Over the years, estate planning has turned out as one of the most important plans one can make while alive. Thanks to this plan, several estate owners have died knowing fully well that their affairs will be well taken care of and their assets are in the right hands.
Also, lots of incapacitated estate owners are receiving med care based on their wishes backed by their health care power of attorney. In addition, lots of individual have gotten rich by inheriting assets from an estate owner.
You see, when an estate owner dies, and all his debts and taxes have been settled, his will is read and his assets are distributed based on what is written in the will. In the situation that your name appears in that document, how do you know?
As we progress in this article, we’ll provide you with information regarding that crucial question. However, before we delve into that, let’s take a look at what estate planning entails.
Estate Planning
Estate planning is quite common thanks to its importance worldwide. Even as important as it is, there are several people out there without an estate plan. In fact, lots of breadwinners still die without an estate plan. This is quite tragic as any breadwinner who dies without an estate plan will be putting his or her family in a huge mess.
Without much ado, let’s briefly look at what estate planning entails.
Estate planning is simply a plan made in preparation of one’s death. This unique plan is often designed to cater for the estate owner’s loved ones after his death, and to ease the management and distribution of the individual’s assets after his or her demise.
An estate plan also helps ensure that an individual is catered to according to his or her wish in the event of incapacitation. An estate plan is often created with the assistance of an estate planning attorney who usually charges clients from $300 upward depending on the estate plan and size. Below is a list of some important estate planning documents:
- Will
- Revocable living trust
- An advance medical directive
- Document granting power of attorney
A Will
A will is an important estate planning element that contains important information such as:
- The names of estate beneficiaries
- The assets of the decedent
- The name of the estate executor
- How the deceased wish to be buried, etc.
A will can basically be defined as a document that outlines how a testator wants their estate to be shared after their death. A will contains names of the beneficiaries including what portion of assets they are to inherit. This legal document also tells how and when each beneficiaries gets to receive their assets, so it is quite understandable if you are anxious to know if your name is written in it.
A will also contains the name of the estate executor who is charged with handling the probate process. In addition, a will may probably contain the names of guardians for minors. Guardians are individuals charged with catering to a minor until he or she becomes an adult.
Reading Of a will
Many of us still believe that a will is read in a similar way to how it in done in the movies we watch. The lawyer gathers all the family members in a room and reads the content of the will out loud. This isn’t trending anymore. Such way of reading a will is outdated. In fact, no state requires will reading.
How do you know if you are named as beneficiary in a will?
If your name is included in a will as a beneficiary, you will receive a copy of the will where you’ll see your name and the assets gifted to you. One way or the other you’ll be contacted. If no one contacts you, or if you don’treceive a copy of the will, then there is a huge chance that you aren’t a beneficiary of the estate. If you somehow dispute this, you can table the case in court.
