Estate planning generally refers to the process of deciding and making essential arrangements involving how assets and properties should be handled after an individual’s death. It is particularly concerned with delineating specific instructions regarding how finances will be distributed among named heirs or beneficiaries. According to successful Houston personal injury attorney, Ali Mokaram, estate planning is basically about arranging details such as home savings, personal property, debts, investments, and life insurance. The main objective is to allow people to make appropriate preparations and provisions for their family members and loved ones that will be left behind in the wake of their passing.
The first active step to making plans and preparations for one’s estate involves drafting a last will and testament. This document, typically referred to simply as a ‘will’, holds an individual’s legal declaration of their instructions regarding the distribution of assets and properties, as well as other specifications surrounding similar financial concerns. For individuals with minor children, a will can also be a space to declare plans on guardianship and inheritance.
Note that estate planning should be an on-going and proactive process. It’s best to draft a will early and simply make adjustments through the years. In the United States, any individual over 18 years old and is of sound mental capacity and judgment can write a will. On top of all the specific instructions delineated in the document, it’s crucial to name an executor. This will be the person who will be responsible of handling the estate once the author of the will or the testator passes.
A will becomes valid once it is signed by the testator in the presence of at least two witnesses. Having the document notarized can also help add to its validity. This is an important step, as will disputes often happen. The Mokaram Law Firm would probably be acutely aware of all the intricacies that are involved in lengthy litigation processes.