Estate planning is one of the most important plans that you undertake in your life time. Therefore, it is mandatory to understand its important features before actually starting to write it. Those days are gone when estate planning and making wills were something that just wealthy people indulged in. Those who have worked hard throughout their lives, have saved for their golden days, and acquired enough assets, it is very important for them to do their estate planning well in time.
Today, senior citizens are living longer and healthier lives as compared to previous generation. Therefore, the question of planning for retirement is quite necessary. With advancement of life expectancy, there are other related issues that have cropped up -- it is about responsibility, caring issues and residence issues. The amount of care one will need in future will require a considerable amount of expenses. Hence, there will be requirement of enough funds to meet all these expenses. The way the health care and Medicare costs are shooting up, no one knows that funds saved for future would be sufficient or not.
One another associated problem that a person faces is that many times close family members give up their jobs to look after the ageing family member. At times, this even requires the care giver to shift from one part of the country to another. Sometimes, the family members move because their old family member does not want move away from the old and known neighborhood.
Hence, to overcome all these problems, it is important that you plan your estate and make a trust before any untoward incident occurs. By planning your estate and having a will, you are making it easy for your family members. There will be no reason for disputes to occur as each person will know what he or she will get once your will is read. No one will be able to claim assets that are put into the trust. Just the beneficiaries will inherit those assets. Also, the estate will be responsible for paying the taxes and any debts that you may have incurred in your lifetime. This will ease the financial burden on your family members and loved ones.
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