In your will, you choose how your possessions will be distributed upon your death or when you become incapacitated. A major goal of estate planning is the distribution of the property to beneficiaries and heirs while controlling and reducing tax implications, for example, gifts and estate taxes. Attorneys for estate planning are usually involved in this process.
The trust and the will are the initial steps to estate planning. The will is the sole method to decide how you will distribute your property can be transferred to your heirs if the property has no beneficiary designation. The transfer must be approved by the probate judge of your state before it is permitted to occur. This is why you must write a will prior the death of your loved ones. In order to prevent probate, many people prefer to have an trust instead of an actual will. While a trust may remain up to date even after you pass away, probate is likely to end eventually.
Most people think little about estate planning. They are often unaware of the process and not prepared for the death of a loved one or incapacitated. Yet, there are a lot of advantages of estate planning, for instance, having peace of heart knowing you have a well-thought-out program in place that provides your instructions and shields your loved ones should there be a crisis.