By Andrew Declue

By definition, estate is the sum of all personal and real property owned by a person. Real property is nothing but real estate and the personal belongings or property is all that a person has other than the real estate. For example, shares, units, cars, bikes, bank accounts and so on. Estate planning is simply a procedure in which a person arranges the transfer of assets to his or her beneficiaries. In other words, it is the distribution of personal and real property to the legal heir or heirs.

Estate planning is very important and if you have personal and real property, ensure that it is done as per the legal requirements. If you dont do the estate planning properly, there are chances that there would be fights among the heirs. So, if you want to protect the needs and requirements of your loved ones, make sure that you take good interest in estate planning. There are some key things that you need to do for the estate planning. First and foremost, you need to select the beneficiaries or heirs for your personal and real property.

Then, you need to ensure that least tax is deducted during the transfer of wealth. If you get disabled, you will have to ensure that the transfer happens very smoothly. You can decide on the time of pre-distribution. It is not necessary that the transfer happens after your death. You can do the transfer of wealth when you are alive also. If you are handling a business, then you need to make preparations for the business succession.

You need to ensure that the transfer of power occurs very smoothly and to the right person. Finally, you will have to select a trustee or guardian or the executor, who will execute the plans. So, what are the main tasks allocated to the trustee or guardian or the executor. First and foremost, the trustee or guardian or the executor needs to ensure that the distribution of wealth occurs as per your wish. The trustee or guardian or the executor will also have to pay for the testamentary and funeral expenses.

In most cases, the trustee or guardian or the executor has to apply for a probate. In addition to the testamentary and the funeral expenses, the trustee or guardian or the executor has to pay all other expenses and the outstanding debts. The trustee or guardian or the executor will also have to ensure that all the life insurance coverage money is transferred to the beneficiaries.

Finally, the trustee or guardian or the executor will also have to do the filing of tax returns. Generally, people would appoint a trusted family member to do these tasks; however, these days, there are several professionals who are prepared to do these tasks at a predetermined fee. The role of a financial planner in the estate planning is also very crucial. The financial planner has to determine your financial status.

The financial planner has to gather information related to your finances. The financial planner has to draw out a plan of transfer and then implement this plan. The financial planner has to review the plan before he or she implements it. Although estate planning may appear to be a very simple task, it is not that easy and it can take even months to put up a good plan in place. If the estate planning is not executed as planned, your goals and wishes in the manner of how your wealth needs to be distributed may not be fulfilled.

If you dont select the right kind of finance planner, you may have to pay a large amount for transfer and taxes. If you dont do the estate planning properly, it is your beneficiaries who will suffer in the end or when you are not there. The estate planning involves legal procedures and this can take a very long time.

So, if you have wealth that needs to be distributed suitably, you have to ensure that the estate planning is done correctly. Make sure that you also keep all your beneficiaries or heirs informed about the estate planning so that you can resolve any conflicts when you are around. Given the current scenario, all people need to do their estate planning when they have the time to do it.

About the Author: Andrew Declue is a foremost expert in hispanic estate planning. Visit his site for more information on

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today.

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