Preparing for your Passing

Preparing for your Passing

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There are many steps a person can take to make sure their property pass as they wish upon your death. The most common vehicle used to transfer property after death is a Last Will and Testament. Everyone should take time to do some Estate Planning.

A Will is a legal document which is the declaration of a person who establishes the person or persons who will manage his estate. Also, a will provides for the transfer of both real and pesonal propery after death. However, a will is not the only way to carry out a person’s wishes after death.

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A will list the property of the testator ( the person who is willing the property) and the individual who will receive from the testator’s estate. Person who receive from a will can be family members, friends, or non human entities like a charity or trust. A Last Will and Testament will name a person to be the executor. The executor is responsible for the handling the affairs of the estate. Usually an attorney has to hired to probate the will. The cost to probate a will can some time get pretty expensive. The benefit of a will is the testator can insure his property pass exactly how he wishes.

Intestacy is the condition of the estate of a person who dies owning property greater than the sum of his enforceable debts and funeral expenses without having made a valid will or other binding declaration; alternatively where such a will or declaration has been made, but only applies to part of the estate, the remaining estate forms the “Intestate Estate.” In most jurisdictions, the law of intestacy is patterned after the common law of descent. Property goes first or in major part to a spouse, then to children and their descendants.

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No one likes to think about 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 fighting among your heirs.

Find out how dieing without a will will affect your estate. Learn about other family law issues

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