Estate planning is one of the most important decisions you can make to transfer their property in safe hands. It is planning in advance who will be the legal heir to his property after death. Assets may consist of cash, houses, land, investments and other savings that have earned over life.
Estate planning can usually have several objectives; however, the ultimate goal is to transfer the entire estate to the legal beneficiary. Other goals include paying the least amount of taxes on their property and assigning guardians for minor children if any. For complete information about estate planning attorney in Raleigh NC, you may visit ncplanning.com/wills-trusts-estate-planning/.
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Moreover, it aims to maximize the value of the property, eliminate uncertainties over the administration of a probate and reduce taxes. It can be as simple or as complex as customer needs dictate. Before attempting to make estate planning, it is important to consider the following terms:
Will: A will is a legal document that states who will receive your property after your death. Leaving the last will can help your family or loved ones avoid probate and avoid discussions about how the assets are to be distributed.
Trust: trust is similar to the last will under which their property is entrusted to a person or an organization. By creating a trust, you can transfer all its assets to yourself or someone you know and trust, called a trustee. The trustee is taxed with managing the estate on behalf of the beneficiary.