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Major Factors to Consider in Estate Planning Process Estate planning is the process that involves the preparation for a transfer of somebody’s wealth and assets. The disposal and management of your estates is also involved in this process. This can happen when that person is still alive or even after his or her death. This will depend on the agreement between you and the estate manager. Estate planning takes time before it bares fruits, you cannot see the benefits immediately. You will have to choose a good estate plan which will take time. You will also have to consider some factors before choosing an estate plan. The estate planning process starts when you are done with choosing the estate plan. During the planning process, the following are the things that you will want to consider. Firstly, have the knowledge about the value of your assets. This is always the starting point. From this point then you will be able to know how you want to divide your estate. This is also known as asset calculation. Come up with a detailed inventory of all your existing assets. Look trough all that you have such as estates, life insurance, social funds, vehicles, investments and anything else that is priced and is under your possession. Check the current value of all the assets you own by checking their performance over the years. Check the potential value of each asset in the near future. This will enable you to know if the value will go up or down. You will then divide the estates according to their worth. Determine what share you want your family to get. In addition check if there are any tax consequences if you pass the estate to your grandchildren and children.
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Get the services of an attorney in cases where there is joint property ownership. It will be best if you do the transfer under all legal bodies such as a court of law. It keeps your property safe from those who might want to take it away from your family.
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Lastly, think of who you want to be your guardian. This is very important to those who depend on you entirely for survival. The guardian picks up all your responsibilities when you will not be around. Select a neutral person, who will be fair. This will ensure that there is equality and no wrangles in your absence about how you wanted things to be. To conclude, you should keep your estates safe by using estate planning services. The protection of your assets and properties acquired in life are always protected through the use of estate planning.