The Five Secrets of Successful Estate Planning

Estate planning is something no one really wants to deal with if only because you have to take on the subject of your mortality. Given the rather morose and unhealthy mindset we’ve developed regarding the end of life, it’s safe to say that most people try to avoid talking about death like, well, death. It isn’t an easy topic to bring up, and it certainly doesn’t get any easier when discussing how your belongings will be disseminated after your passing. What’s more, when it comes to your finances, the topic of estate planning is all the more difficult because it involves actually coming face to face with some serious numbers.

It’s too bad that so many people tend to face their final financial planning as a way of showing how little they’ve accomplished over their lifetime. People need to focus on the fact that they are making a plan the benefits their family after you are gone. They should be allowed to grieve, and proper estate planning accomplishes this task.

Here are five secrets (truth be told, it’s just common sense) to successful estate planning:

1. Draft A Will – Mocking up a simple version of your will doesn’t cost much and at least starts the process of where things may stand when you pass.

2. Name the Executor – As the title suggests, this is the person who will handle all aspects of your estate. You want someone you can trust, but you also want someone who you know will do a proper job.

3. A Living will – A living will scares a lot of people because it makes you face the possibility that you’ve either suffered a serious accident or are completely unable to communicate with those around you near the end of your life. Major court cases & drawn-out family dramas have come from a living will not being available & everyone scrambling to perhaps know what you might think would be possibly OK to do for you. It can get messy.

4. Update Your Will – Not only do you need to start the process of planning your estate, but you need to review the documentation at least once a year. Any changes that may come your way such as major life events (i.e., deaths, marriages, etc.) may change the contents of your will, so it pays to look it over regularly.

5. Communication – Before you pass & a final reading of your will takes place, and certainly before you are unable to communicate with your loved ones, you need to keep the lines of communication open so that you can tell everyone what plans you’re making. Yes, your will is the legal document of record, but should an issue arise regarding your intentions, you’ve at least been keeping everyone abreast to your wants.

Estate planning is not a fun time. Rather than approach the matter as a dreary “to-do”, though, think of it as just another note in your day planner. It is a rather defining moment in adulthood and one that everyone must understand is perhaps the most important thing they’ll do to help their family out when you’ve passed on. But it isn’t a way to signify an end to life; it’s more a symbol of you firmly having your sights set on the future.

Get Your Inheritance Quickly

Nowadays, liquid cash is an essential thing. It does not really matter if you are the single heir to a very large estate. Getting it encashed would take you a long time after the descendant has deceased and after all the formal processing has been done. The best solution to this problem is the inheritance advance concept through which the heir to the estate gets the cash right way without any delay. Through this process, the heir gets the advance amount from the distributed amount without having to wait for a long period of time.

An inheritance advance policy gives the heir an option to choose whether he wants the entire amount or wants them in parts in a matter of just three days. The best thing about this feature is that you don’t have to worry about any hidden cost or additional charges for availing this facility. Since this is not any type of a loan there are no approvals required and the heir does not have to worry about repayments. Only the probate or the processing fees have to be paid, which depends on the size of the state and also the amount of money being claimed at once.

The Process of Inheritance

The possession of the deceased first goes to the probate court process. If the heir wants to claim the possession, referred to as estate, then he can avail the inheritance cash advance policy. The concept behind this policy is very simple. Once the state is ready to be distributed, the investor’s amount is cleared off from that amount. The remaining share of the heir, if any, is also cleared off during that point of time. The personal representative of the heir would take care of filling of tax returns and payment of bills which depends entirely on the state government once the probate process of the court is closed.

Eligibility for Inheritance Cash advance

The inheritance cash advance feature does not affect the share of the other heir if any involved in the distribution of the estate. The transaction is made strictly between the investor and the concerned heir. The heir just requires proper verification and paperwork to get his share at the earliest.

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