Making a Will   Writing a WIll & Estate Planning

Kyle J. Norton


Estate planning is the process of accumulating and disposing of wealth before death of individual or a group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner’s intended beneficiaries while paying the least amount of taxes. Choosing an executor is importance to ensure that someone who you trust will help to perform duty of estate settlement upon your death.

I. Definition

Estate settlement is also known as estate administration. It is the form of handling the decreased person assets by an appointed executor or executors. If the deceased did not leave any testamentary dispositions then the dispositions can be proceeded.

II. How it works

Estate settlement includes the following

a) Testamentary dispositions and will probated

Written, holographic will will have to apply to the court for probate before assets can be gathered by the executor and only most recent will has legal value. If the deceased did not leave any testamentary dispositions then the dispositions can be proceed. Any testamentary trust in a will must be closely examined and resolved.

b) Notifying public

The purpose of this notice is to inform the heirs, creditors and debtors to the estate of the existence and identity of the liquidator.

c) Inform the federal and estate or provincial governments of the person’s death.

It is necessary if the decreased person is receiving pension incomes from the federal and estate or provincial government

d) Identifying the beneficiaries

c) Gather all decreased person documents

All documents are gathered including life insurance policy, birth certificate, decree of divorce and other related to decreased person documents. Only the death certificate and the copy of the act of death are legally recognized.

e) Create an estate account

So all assets can be deposited into that account

f) Gather all deceased person assets

All assets including stocks, bond , property, etc. will be calculated if necessary using arm’s length to determine the asset values.

g) Notifying public after all assets of decreased person are gathered

Identifying all debtors, such as credit card debts, personal loans, etc

h) File income tax for decreased person

File income tax, any taxes owed by the decrease should be paid

i) Pay off all debts

j) Other settlement if need

Such as family patrimony and the matrimonial or civil union regime are there for married spouses or spouses in a civil union.

k) Pay out remaining decreased person assets to beneficiaries.

I hope this information will help. If you need more information of insurance or series of articles of the above subject at my home page at:

http://medicaladvisorjournals.blogspot.com

http://lifeanddisabitityinsuranceunderwriter.blogspot.com/

Steven W Allen


Estate planning sounds like it should be done only by the very wealthy. However, it is a very necessary financial step that most people need to take. You don’t need to consider estate planning if:

-You have no assets at all or

-You don’t care who receives your assets

For most people, these guidelines mean that you need to put your estate planning in place today. The only question is what form that will or living trust should take.

Your Will: Courtesy of the State

In reality, neglecting to prepare an estate plan just means that you are deferring to the intestate (dying without a legal will) laws that have been set in your state by lawmakers. Typically your estate will be divided as follows, in order of priority:

1. Spouse

2. Children

3. Parents

4. Brothers and Sisters

5. Cousins, Nieces, Nephews, other distant relatives

Laws differ from place to place, but are set by family relationships. In some cases, all assets will be passed along to only the survivors on the first level of priority. For example, if you have children and no spouse, your children will receive everything; however, if you have a spouse then he or she will receive everything and your children nothing. In other places, it is divided amongst the survivors on more than one level, like between children and parents.

Estate Planning for the Good of All

If you care about who receives your assets, then estate planning is necessary. A revocable living trust is an efficient tool, which will make it possible for you to take care of several things at once.

Your will won’t be subjected to court-supervised probate over the distribution of assets. Your assets will go to your chosen heirs. Your assets will be distributed in the manner you have chosen. You will save your heirs from a lot of unnecessary headaches at an already difficult time.

Living trusts allow you to dictate the conditions under which your heirs receive their inheritance and when (as long as the living trust is properly worded). This will ensure that a child does not spend all the inheritance they receive and prevents a favorite grandchild from missing out on assets meant for them. You can also state who is to run any businesses you own, upon your death, and the distribution of assets from it. This will help to avoid conflict with such issues.

By putting a living trust in place, you safeguard the future of your heirs for more than just one generation and have the peace of mind that wills simply can not provide. Careful consideration of estate planning benefits everyone you love and the businesses and assets that you have worked a lifetime to build.