We are all born to die.
That is an irrefutable and very sobering fact of life.
Compounding the loss of a loved one, family and friends often find to their shock that the process of unwinding the Estate of a loved one can be nearly as traumatic as the event itself.
A little planning can go a long way to make this process much easier on those you leave behind. A lot of people think that having a Will is sufficient. The bad news is that it is not. The good news is that Capital Legacy, the specialist in Wills and Estate Administration is there to assist you.
As far as the relationship between Estates and Wills are concerned, the famous quote of the English poet John Donne could be applied in this regard. He said: “No man is an island, entire of itself; every man is a piece of the continent, a part of the main.”
To use Donne’s poem as an analogy, your Estate Plan, is the continent. Your will is not an island (or isolated) from your Estate Plan, but a very important part of it.
What is an Estate?
Short and sweetly put, your Estate is the assets and liabilities left by you when you die.
What is Estate Planning?
Estate planning is the arranging for the disposition and management of one’s Estate at death. The process, inter alia, takes into consideration life insurance policies, bank accounts, personal assets, and even ongoing debts such as loans and mortgages.
When you talk to an Estate Planning expert about the process, you’ll learn that it’s all about deciding how your assets will be distributed when you die. A lesser-known fact is that it can also indicates steps on how to proceed even before you die, such as instructions on what to do if you become mentally handicapped or very ill. Wills, Trusts, powers of attorney, beneficiary designations, property transfer, and financial asset transfer are all common components of an Estate Plan.
The total Estate Planning process usually begins with the creation of a Will. One could say that a Will is your expression of your wishes what should happen after your death and your Estate Plan is the “how to” make your wishes happen.
The drafting of your Will is a less time-consuming and less complicated process than Estate Planning. Although a Will is only one part of the whole Estate planning process, it can be seen as the cornerstone of any good Estate Plan.
Your Will is a legal document that defines who receives your assets and money when you die, as well as who receives your property and belongings, who inherits your business if you have one, and who should care for your children or dependents when you die.
It is essential that you ensure that you have a Will and an Estate Plan and that your Estate is liquid to provide for the expenses of executing your Will and Estate.
Contact Capital Legacy today! We have a nationwide network of Will consultants that will help you draft your Will for free. Will consultations are available online, on the phone or in person.