Welcome to my blog. This blog is dedicated to helping anyone who is currently in the midst of a liability issue. A few years ago, my daughter contracted listeria due to poorly packaged food. She, thankfully, was okay, but we still took her case to court. I want all families who have been affected by liability issues to understand their rights, so I decided to start this blog. My beautiful daughter is now 17 and preparing to start uni next year. I have three younger children as well and an amazing husband. Thank you for reading my blog. Please share my posts if they help you!
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One of the most important legal issues you will deal will throughout your life will be the creation of your will or estate. This is something everyone should have, not for themselves, but for their loved ones. Leaving your loved ones without this clarification can cause them further stress in a time when all they need is tranquillity. Here are some important facts to know when dealing with wills and estates.
Terminology
Many believe that wills and estates are one and the same. That is not the case. They are similar but have crucial differences. First, you should understand the terminology that is wills and estates. Wills are the definition of your desires as to who should receive what in the event of your death. Estate planning is a detailed plan of how your wishes will be carried out. In other words, a will is one aspect of estate planning, which includes all of the detailed explanations to carry out your wishes.
Differences
While the definition may be a bit confusing, explaining the differences between the two may clear this up. Here are some examples. Wills are a document that says your family home will go to your wife and your car will go to your oldest son. Whereas estate planning will include your will and more. It will include the documents needed for transferring ownership of your home to your wife. Estate planning will allow for the complete execution of your wishes and leave your family with less stress and paperwork to take care of. Estate planning will take care of all the necessary documents and planning before your passing, giving you control over what will be done and how it will be accomplished. This will give exact instructions on how to handle things like guardians and trustees for underage beneficiaries and how they will receive their inheritance. Estates also lay out life insurance policies, business plans, handling of bank accounts and all other assets.
Reasons to Plan Ahead
While the decision is ultimately yours as to whether you choose a will, estate, or nothing at all, the benefactors of this decision will be those you leave behind. If you leave no final wishes at all, you risk your estate being taken by the state and your family being left with only part of what you planned for them to have. Other issues that can arise when you have not left clear instructions for your assets are court battles to decide who acquires what.
Wills and estates allow you to give your family a bit of peace in a very hard time in their lives while still having your wishes carried out.
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