No matter what your net worth, whether you have assets of millions or thousands, you need to have a basic estate plan in place. Your estate includes all the property you own at the time of your death, including real estate, bank accounts, stocks and other securities, life insurance policies, and personal property such as automobiles, jewelry, artwork, and household items.
Having a complete plan for all these items can resolve a number of legal questions that may arise after you die, such as: Who gets what? Does a personal guardian need to be appointed to care for minor children? How much tax will need to be paid in order to transfer property ownership? What funeral arrangements are appropriate?
A good estate plan ensures that your wishes are carried out, that your family's future financial goals are met, and that you leave a positive and empowering financial legacy for all. You can visit http://www.rubinhay.com/newton-estate-planning-attorney_pa23282.htm, if you wish to know about the proper estate planning procedure.
If your financial life is simple and straightforward, you may be able to create your estate plan by yourself. However, if you have multiple bank and investment accounts, real estate investments, or a non-traditional family situation, you may want to consult with a lawyer.
Discuss your estate plans with your heirs. Inheritance can be a loaded issue. By being clear about your intentions, you help dispel potential conflicts after you're gone.