An Estate Plan is a collection of the document which plans for and sets out the methods disposing of your estate that are all your worldly possessions like money, home, car, investments etc.
An Estate Plan will try to make sure that your expected beneficiaries will receive what you want them to receive, and it also attempts to maximize the value of your estate by reducing excise and other expenses.
It’s important to realize that whilst an estate plan carries a Will as its key record, it often uses other legal techniques to attain the aim explained above. An average Estate Plan can include trusts, property possession, powers of legal professional and other legal documents. If you have any query regarding estate planning then you can contact us now.
Well, you should still plan your Property and make a Will for few simple reasons:
First by having a Will you remove any uncertainty about your intention for your spouse to inherit your complete estate, should that be your wish.
Do you realize for example that if you died without a Will the Laws and regulations of Intestacy say that if you have children your partner is merely eligible for the first ?250,000 of your property outright, with the rest being distributed to your children.
You can view how this may cause serious useful issues if you were to expire without a Will, leaving your partner potentially in short supply of money or perhaps even needing to sell the home to provide money to your kids.
Secondly, if you are not married but are co-habiting your spouse is not entitled to any of your estates in case of your death. There is no such thing in legacy law as a “common law spouse” and your partner may have to struggle in the courts for a share of your estate if you die without a Will.