Estate planning in US is done through a number of estate planning instruments. These instruments make sure that in absence of the property-owner, the family or the beneficiary of the property-owner will receive full benefits and security from the property.
Estate planning means the management of assets in the future. It is an important activity that is related to the future of the assets as well as of the family members and beneficiaries of the estate-owners. According to these management activities, the future of the estate in absence of the original owner is decided. The estate planning in US offers a number of estate planning instruments to the property owners, which they may choose according to their necessity.
Professionals related to Estate Planning in US
The estate planning is a specialized sector and it needs advices from the professionals. Because of this, the general attorneys or in certain cases, the estate planning attorneys play a major role in drafting the future plan for the property. At the same time there are the tax advisors as well as the CPAs who are also consulted for the purpose. These people are experienced enough to suggest effective estate planning options.
Estate Planning through a Will
This is one of the most popular options that are available to the property-owners. The property-owner puts his future plan for the property in writing. After his death, the property is used according to the owner’s wish. The will also minimizes the chances of any kind of chaos at the time of property distribution.
When the property holder finds no one to take care of the property or if the legal heirs are too young to handle the property, then the property owner or the court forms a trust to take care of the property and provide the nominated beneficiary with all the benefits.
Power of Attorney
Through power of attorney, the property owner provides any trusted person with the power to take care of the property and make major decision in absence of the owner.
Last Updated on : 30th July 2013