Deceased estates are the estates left behind when people die. They are connected to wills, estate planning and estate tax; these are three things you should understand.
Individuals need to write wills to give instructions on how their estate is to be divided among their loved ones after they die or become incapacitated.
Writing a will might seem like something easy, but it can get tricky. Be wary of will contesters who might try to prove that they ought to have been included in your will. You might also forget to include crucial details, which can result in disputes and pain among your bereaved family when they are still mourning you. That is why it is recommended to hire a will and estate lawyer, who helps you write a will.
The will and estate lawyer works with you to ensure that you consider every little thing and put it in your will. You may also be asked awkward questions that you need to answer truthfully. Hiding information from your lawyer can leave a will open for will disputes, especially when other people come out claiming you had relationships with them.
Estate planning comprises of all the preparations you need to make to ensure that if you become incapacitated or die, people are in place to facilitate decision making on your behalf.
This is where you will find wills, healthcare power of attorney documents, durable power of attorney documents and advances directive documents. These documents cater to situations like giving power to a particular person or company to handle your financials, making medical decisions and distributing your estate. They also make it clear what you want to be done if life-prolonging treatments are required.
Though a will and estate lawyer can help you with estate planning, you may come across estate planning lawyers. They are qualified and experienced in helping you compile all the documents required (the documents mentioned above), fill them out correctly, lodge them in the necessary institutions and ensure that you have thought of everything and catered for it in your will.
This is something that you and your loved ones should know about. Depending on the country and state you live in, when a person dies, a percentage is taxed from the deceased estate if it exceeds a particular amount. This tax is referred to as an estate tax. If the estate does not exceed that amount, it is not taxed.