Estate planning is a strategy for the distribution of your wealth following your death. Many of us are familiar with the most common product of estate planning that is the will. The will is often featured on TV shows and even in conversations with friends Sometimes, the debate about this topic isn't exactly favorable.
We've seen people challenge wills, challenging relatives, feeling deceived by administrators of wills and the law. We've even witnessed them argue with lawyers on what will mean and what they are and how they should be carried out. Other forms of estate planning and wills are existed to reduce the amount of conflict surrounding decisions.
/GettyImages-1199059338_journeycrop_lifeinsurance-d3498103ef78406991ea4b4a7b401266.jpg)
Image Source: Google
Health care choices may be included in the estate planning process; a health care proxy is a legal document that states that the person who is chosen can fulfill the wishes of an incapacitated individual who is in medical care.
Concerning the transfer of their assets as well as medical decisions, many options are in place to give the deceased as well as the seriously injured to have the option of fulfilling their wishes. But, even when there is no formal plan the heirs are given some consideration about the law.
Intestacy law states that even if no steps are used to distribute assets to the deceased the assets will be distributed to the deceased's descendants. The law of intestacy is the one with the longest-lasting force in cases in which it is less most likely to get challenged by people who want more.