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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. It includes the management and disposal of your estate. This can happen when that person is still alive or even after his or her death. This will depend on the two of you, you and the estate manager you appoint fir the job. Estate planning cannot bare fruits immediately, this means that the owner cannot see the importance immediately but it is very useful. A lot of time will be consumed when you are choosing a good estate plan. 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. First of all you will have to know the value of your asset. This will give you a guideline on how you should distribute your assets. This is what you can call asset calculation. You will then have to develop a detailed inventory on all the assets that you currently have. Do not only look at your estates but also life insurance, social funds, vehicles, investments and anything else that is priced and is under your possession. Confirm the current value of your estates by looking at how they have fared on a graph for the past years. Look at their potential value in the next years. This will enable you know if the value will increase or decrease. You will then divide the estates according to their worth. Determine what share you want your family to get. To add onto it, check if there are any tax consequences, when you pass the assets.
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In cases where there is joint property ownership, consider visiting your attorney to help you go through the process. It is better to do the transfer in a court of law. It keeps all your property safe from people with ill intentions like those who want to take it away from your family.
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Lastly you will have to consider who you nominate as a guardian. Those who depend on you entirely for survival will see the benefit if this because it is very important to them. The guardian picks up all your responsibilities when you will not be around. Nominate someone who doesn’t take side at all. 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. Estate planning ensures that all the wealth and assets that you have acquired during your lifetime are proteceted.