When someone passes away, his or her property must somehow pass to another person. In the United States, any competent adult has the right to choose the manner in which his or her assets are distributed after his or her passing. (The main exception to this general rule involves what is called a spousal right of election which disallows the complete disinheritance of a spouse in most states.) A proper estate plan also involves strategies to minimize potential estate taxes and settlement costs as well as to coordinate what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event of death or disability. On the personal side, a good estate plan should include directions to carry out your wishes regarding health care matters, so that if ever you are unable to give the directions yourself, someone you know and trust can do that for you.
More Articles ...
- Why is it Important to Establish an Estate Plan?
- What Types of Issues Can Be Addressed by an Overall Estate Plan?
- What Assets Does my Estate Include?
- What Estate Planning Documents Should I have to in Order to Address my Property and Loved Ones?
- Why Choose Spencer & Collier to Create Your Estate Plan?