Devising an estate plan will help you manage your property efficiently, protect your family’s and your own interests. Estate planning entails creation of wills, living wills and trusts.
A will is a document that can be very useful in securing the future of your partner and your children, when you are longer around. Wills consist of detailed plans about how and to whom a person’s belongings will be transferred.
A living will is a document through which you can transfer your belongings to your family while you are alive. If a time comes in your life in which you are not able to communicate your wishes to your partner or your children, this will can help them get what you intended to give them. You can also specify your health care preferences and the kind of treatment you would like to get, in your living will. If you ever fall ill and are not able to express your wishes, the living will help you get the your desired form of treatment.
A trust can be created in a person’s lifetime and as well as after his death, through a will. It’s a good way to manage property and avail tax benefits.