Estate Planning: One Way to Make Sure that Your Family Gets the Maximum Value of their Inheritance

Having a doctor or a psychologist evaluate the mental condition of a person prior to his/her drafting of a Will can prove to be of real importance, especially during the litigation of that person’s Will, Trust or Estate Plan. During litigation, the testator’s mental capacity is often the cause of dispute (testator is the legal term for the person writing the Will) and only the expert opinion of a doctor or psychologist proving the lucidity of the testator’s mind would suffice to quash any supposition that the testator may not have fully known or understood the importance of the Will he/she is drafting.

Estate planning refers to as a plan that a person makes before death. In this plan, this person names those to whom he/she wants to leave behind his/her assets and/or properties and determine when they can have their share.

Estate Planning usually begins with the drafting of a Living Trust or a Will. The testator can put in this Will whatever he/she intends to pass on to his/her spouse, children and any other beneficiary. The Will states specifically which asset or thing of value should go to each beneficiary; it can also require an heir to first accomplish something – a condition for him/her to earn his/her inheritance.

  • More elaborate Wills usually include their respective testator’s chosen:
  • Guardian for his/her minor children;
  • Health-care proxy or the person who shall make medical decisions on his/her behalf in the event that he/she gets incapacitated; and,

Executor or the person who will take charge in the administration of the estate left for distribution. The executor will also need to accomplish the last wishes that the testator specified in his/her Will, as well as settle all of the testator’s unpaid debts. Only after all debts have been paid can the assets, or what remains of these, be distributed to the beneficiaries.

Besides having everyone get what a testator intends to leave them, estate planning also reduces the amount of taxes and does away with court hearings; this means no unnecessary court and other legal costs.

In its website, the Arenson Law Group explains how Estate Planning can help provide the security that a testator’s family will need if something happens to him or her. It will also ensure that properties and assets will be disposed in ways wherein their value would be maximized due to the reduction of taxes and other expenses. And because an estate plan speaks the very mind of the testator, it can help prevent possible rivalry over inheritance among his/her spouse and children.

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