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The Benefits of Estate Plan to Family Members Planning is an important tool to keep matters in order. Since most people have possessions, it has become important to establish an estate plan, a document which plans for and sets out the methods for disposing an individual’s worldly possessions such as home, money, car and investments. This plan aims to help an individual to ensure that the intended beneficiaries will receive the intended possessions, and it also attempts to maximize the value of an individual’s estate by reducing taxes and other expenses. People today must be knowledgeable that other than the core document of an estate plan, the Will, it also has to apply other required legal processes to attain the goals of making the plan. Normally, an estate plan includes trusts, property ownership, powers of attorney and other legal papers that support the details being given. Some people pay no attention to the significance of filing an estate plan. There are people that rationalized that since they don’t have a lot of possessions and since their affairs are simple, they need not have an estate plan, to illustrate, a married individual refuses to have an estate plan since he is aware that it is implied that all his belongings will be gained by his husband or wife.
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But regardless of how simple the condition of living is, there are still positive aspects why it is important to apply an estate plan. One of the most advantageous factor is that filing an estate plan will eradicate any uncertainty or doubt about a person’s intention for spouse to inherit the overall estate. Not everyone knows that when a person with possession dies without a Will, the Laws of Intestacy indicates that if the couple has children, the spouse is just entitled a section of the estate outright, with the remainder being given to the children. This scenario can cause a lot of possible problems to the family. If the person dies without a Will, the spouse is left with potentially short money or possibly having to sell the house to give money to the children.
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Another factor is if the person is not yet married but is co-habiting a partner, the person is not entitled to any possession and the partner may have to fight in the courts for a share of the estate if the person die without a Will. Finally, the person may also miss out on other important issues such as appointing guardians for the children. There are also documents that are not addressing this important issues which leaves the family potentially exposed to both unnecessary upset and cost. Individuals must also understand that these estate plans should be renewed and kept up to date to replace outdated info for the benefit and security of the people involved.