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Planning your future is an item most people do not want
to talk about, in fact the most important document you
can have is a Last Will. yet most people do not have
one. |
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| Why Plan Your
Estate? |
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The
knowledge that we will eventually die is one of the
things that seems to distinguish humans from other
living beings. At the same time, no one likes to dwell
on the prospect of his or her own death. But if you
postpone planning for your demise until it is too late,
you run the risk that your intended beneficiaries --
those you love the most -- may not receive what you
would want them to receive whether due to extra
administration costs, unnecessary taxes or squabbling
among your heirs. |
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This is why
estate planning is so important, no matter how small
your estate may be. It allows you, while you are still
living, to ensure that your property will go to the
people you want, in the way you want, and when you want.
It permits you to save as much as possible on taxes,
court costs and attorneys' fees; and it affords the
comfort that your loved ones can mourn your loss without
being simultaneously burdened with unnecessary red tape
and financial confusion. |
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All estate
plans should include, at minimum, two important estate
planning instruments: a durable
power of attorney and a
will. The first is for managing your property during
your life, in case you are ever unable to do so
yourself. The second is for the management and
distribution of your property after death. In addition,
more and more, Americans also are using revocable (or
"living") trusts to avoid probate and to manage their
estates both during their lives and after they're gone. |
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