The term estate planning is misunderstood and covered in mystery for most individuals. Pop culture has evolved to label estate planning as something only the wealthy need. After all, what images pop into your head when you hear the term estate planning? Rolling estates, mansions and huge bank accounts.
Estate planning at its core is a simple idea. Yes, there are tactics that might seem complicated. However, when you boil down estate planning, it is planning for how the things you own pass on after your death.
There are many important issues to consider when developing a plan. The main issue is that how your assets (your property) will pass on after your death and who will receive them. To get more knowledge about the estate planning process and estate planning lawyers, you may navigate to http://www.rubinhay.com/wellesley-estate-planning-attorney_pa23282.htm
The goal of a plan is control. Without a plan, you give up control how your property will be distributed. Without a Will, you shift the decision how your estate will transfer from you to the state.
There are professionals who make up a typical estate planning team.
Attorney: An attorney is responsible for developing the legal documents and transfer strategies for your estate. An attorney will draft a will, trust or other estate documents.
Accountant: An accountant aids with potential tax issues. If an individual's estate is large, there may be tax issues such as federal estate and income taxes. If you plan to give to family or charity, an accountant can help develop a plan that is tax compliant.
Broker: If you own securities, involving your broker in the planning process helps ensure your plan is consistent with your investing strategies.