Estate planning is pivotal to anybody especially if they own any property and it’s more considered so that in unlikely situation you face death, there can be a legally binding document that shows and details how your properties ought to be shared and owned.
The most vital mistake that people make is not drafting and tabling their wills before they die and this is not good because you may think your intention of whom to share what was known only for the family to lack direction on how to share the properties and this can lead to massive wastage, killing of each other and unending battles in courts.
A will is vital in naming the guardian to take care of your kids when you die, but when you die with no established estate planning, you leave your kids without any guardian and they can suffer much as they will be subjected to get costly legal representations in family courts to determine the perfect guardian of the children that can be against what you intended.
Estate planning ought to be evaluated and revisited after every year or three years so that you are able to include the newly bought items like cars and houses and include newly born kids so that they will have a share also, but when your will is outdated, it means some of your properties will have no preferred kin.
There is life situations that can make you insane or even incapacitated and this mean you need to appoint a person that will be in your will to take care of your property in such cases because where you have not included that in your will, the courts and banks will appoint a solicitor that will manage your items on behalf of your family.
When you have not included the life insurance covers in estate planning, there is less possibility of your family and relative being compensated on the same as you will need to apply to get further directions for the same that can stall whereas there are bills to be paid.
In case you have already laid out perfect plan as to how you will want burial and death to be handled, it’s essential to include it in your will such that the family and other people that will be working on your will can find it and do accordance to your will, but when you don’t attach such details, there may be no elaborate plans as to how you wanted your death to be handled.