Estate planning is pivotal to anybody especially if they own any property and it’s more considered so that in unlikely situation you face death, there can be a legally binding document that shows and details how your properties ought to be shared and owned.
The most vital mistake that people make is not drafting and tabling their wills before they die and this is not good because you may think your intention of whom to share what was known only for the family to lack direction on how to share the properties and this can lead to massive wastage, killing of each other and unending battles in courts.
Estate planning ensures that before you die, you will have appointed a guardian that will act as a parent to your left kids and when you have no such will, your children will be total orphans without a sense of direction that can make them part ways and it will cost your relatives and family huge amounts of cash to pay legal representations in courts to get the requisite guardian.
Estate planning ought to be evaluated and revisited after every year or three years so that you are able to include the newly bought items like cars and houses and include newly born kids so that they will have a share also, but when your will is outdated, it means some of your properties will have no preferred kin.
It’s essential to include in your will the best kin that will take care of your property and you when you are in dementia, insane of become incapacitated due to various factors to avoid cases of your properties being given to a solicitor of controller that will guard them until your family can maker uniform decision on the same.
In situations where you have covered your life with insurance premiums, its exquisite to include all such details in estate planning so that the kin will have easy time accessing all the compensations, but where you have not included, they will need to battle it out in courts to get directions which can be time-consuming and tedious.
There are situations where you may find it worth arranging and paying for the arrangements of your funerals and burials when you die and its pivotal to stick such documents with your estate plan so that the executors will have less time cremating or burying you as you has stated rather that surprisingly finding out later the plans you had.