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The Importance of Filing an Estate Plan Planning is a necessary tool to keep matters in order. Considering the fact that a lot of people have possessions, it has become essential to create an estate plan, a document which plans for and sets out the approaches for disposing an individual’s worldly assets for example household, finances, automobile and investments. This plan aims to help an individual to ensure that the intended beneficiaries will receive the intended possessions, and it also attempts to maximize the value of an individual’s estate by reducing taxes and other expenses. People today must be knowledgeable that other than the core document of an estate plan, the Will, it also has to apply other required legal processes to attain the goals of making the plan. Typically, an estate plan contains trusts, property ownership, powers of attorney and other legal written documents that support the facts being stated. Some people pay no attention to the significance of filing an estate plan. There are individuals thought that since they don’t have much possessions and since their affairs are simple, they need not have an estate plan, for example, a married person refuses to have an estate plan since he knows that it is implied that all his possessions will be received by his husband or wife.
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But regardless of how simple the condition of living is, there are still positive aspects why it is important to apply an estate plan. One of the most advantageous factor is that filing an estate plan will eradicate any uncertainty or doubt about a person’s intention for spouse to inherit the overall estate. Not everyone knows that when a person with possession dies without a Will, the Laws of Intestacy indicates that if the couple has children, the spouse is just entitled a section of the estate outright, with the remainder being given to the children. This scenario can cause a lot of possible problems to the family. If the person dies without a Will, the spouse is left with potentially short money or possibly having to sell the house to give money to the children.
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Another factor is if the person is not yet married but is co-habiting a partner, the person is not entitled to any possession and the partner may have to fight in the courts for a share of the estate if the person die without a Will. Finally, the person may also miss out on other important issues such as appointing guardians for the children. There are also documents that are not addressing this important issues which leaves the family potentially exposed to both unnecessary upset and cost. People must also be aware that these estate plans should be renewed and updated to replace outdated data for the benefit and security of the individuals involved.