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What is Estate Planning?


Estate planning is basically the planning and preparing, in advance, for the future management and disposal of the estate of a deceased individual, at the time of his or her death, if the deceased is incapacitated. An incapacitation occurs when the individual has some disease or condition that makes him or her unable to manage their own affairs and that makes it impossible for them to be responsible for their own affairs, for example, a severely impaired motor skills, or cognitive dysfunction. This type of incapacitation may occur because of an accident, or even as a result of some other catastrophic event, such as an illness. The best information about Citadel Law Firm PLLC is available when you click the link.

When you have an incapacitation, this means that you are not in a position to make your own decisions and will need help with planning and managing your estate. Estate planning can be carried out through a will, or through some other legal form of document, such as a durable power of attorney. There are also some states where there is no need to file an estate planning document, and if you die intestate, this means that your property will pass to your heirs without any need for an estate plan. Be excited to our most important info about Citadel Law Firm PLLC.

In some cases, people suffer disability and their estates are neglecting, causing them to become incapacitated. In such cases, the estate of the incapacitated person may be subject to inheritance taxes or probate. Probate can be the legal procedure by which your property will be transferred to the heir in charge of your affairs. If you die intestate, this means that the property will pass from one person to another, and that the surviving heirs are responsible for paying your debts.

Some states, however, have laws that state that planning is not required in these states, and in other states they do require planning. Therefore, it is important that anyone who intends to have an estate plan should contact a good estate planning attorney, so that they can create and execute the appropriate plan, according to state law. If you live in a state that does not require planning, or that does not require planning at all, you should consult with an estate planning attorney so that you can prepare a plan.

Planning a will is not always an easy task, and many people find it difficult to draft a will, as well as to keep it up-to-date. It can often result in a lot of unnecessary stress, anxiety and worry. In some cases, people simply ignore a will entirely and then later find that the deceased has left very valuable assets which may be used to pay off their debts. Learn more details at https://www.huffpost.com/entry/estate-planning_b_9103252.

A will should contain a description of the decedent's personal properties, which include the value of each item, and what is to be done with it if the decedent dies, as well as providing a legal form of reference, which details how the decedent's assets will be distributed to his or her dependents if he or she passes on, and so forth. A will should also provide detailed information about the decedent's medical history, including when the decedent last visited a doctor and received treatment and, if the decedent had any disabilities, and why. The will should also contain any debts, property held in joint tenancy, which may be held jointly and how it was disposed of, if the decedent died intestate. Finally, the will should also include any debts that must be repaid before the deceased passes on, such as mortgage debtors or credit card debtors, and other debts which must be paid, and the date and amounts of interest, if any, which must be repaid before the death.

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