Estate Planning

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Estate Planning

What is this plan about?

Death is one word no one likes to hear. We have enough on our plates to stress about planning for life after death or death itself.  It would be great if we could live like we were immortal, that way, there will be nothing like death or estate planning.

However, death is one thing we can’t escape from. One day we will all close our eyes and never open them again. For this reason, it is important that you plan for life after your death. How do you make such plans? Quite simple. By preparing an estate plan before your demise.

If peradventure you don’t have a husband/ wife or a family in general, and you die without an estate plan, you’ll be causing a plethora of problems for your friends and those you love. Preparing an estate plan will ensure that your wishes regarding your properties is fulfilled. In order words, this plan will ensure that your properties gets to the right hands.

Definition of an estate plan

An estate plan can be defined in multiple ways. Once you know the goals or purpose of this plan, you will be able to create a definition yourself.

An estate plan is a plan made in preparation of one’s death. The preparation covers the distribution of your assets such as your houses, the cash in your account, your cars, etc., to chosen beneficiaries. An estate plan also ensures that one’s estate is well managed even after death. Put differently, an estate plan covers the management of one’s assets upon death or incapacitation.

What are the Misconceptions about this plan?

There are lots of misconceptions about estate planning, just like they are with other important topics. One of the most baffling misconceptions about this plan is that it is meant for just the old. This is very wrong. Estate planning is meant for everyone. Provided you are 18 or older, you are eligible to plan your estate. In fact, you can decide to plan your estate and update the plan as you grow older. You shouldn’t wait till those grey hair starts appearing before you do the needful. No one knows tomorrow, remember.  Now is the time for a little peace of mind, now is the time for estate planning. Don’t procrastinate.

Another misconception about estate planning is that, it is meant for the rich alone. This is another wrong statement. This plan is meant for everyone; the rich and the poor. You have to as wealthy as Elon Musk before you decide to make this plan.  If you have anything you feel is valuable and would like to pass on to an heir, give to charity, etc, you are encouraged to plan your estate regardless of its value.

What are the elements of an estate plan?

There are few elements or components of an estate plan. These elements make up an estate plan. We are aware of some of these elements and we are also new to some. However, if you are conversant with the process, you shouldn’t find these elements new.

  • Will
  • Trust
  • Power of attorney
  • Health care proxy

Who do you need to plan your estate?

Preparing an estate plan is one thing and preparing a “good” estate plan is another. The latter should be the primary aim of any estate owner. You may ask yourself, how do you prepare such an estate plan? It’s simple. Contact an estate planning attorney.

A competent estate planning attorney can help you prepare an estate plan that mirrors your intentions. One that makes you live each day in confidence. A good attorney has the necessary resources needed to plan a top-notch estate plan. In addition, they have the experience and expertise, something you are lacking when it comes to making an estate plan.

Ensure you contact us if you feel the need to plan your estate. Our Attorneys are one of the best out there. Remember, the earlier the better so don’t hesitate. Now is the time for estate planning, so plan your estate now!

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group PLLP.

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