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Published On: Tue, Jan 19th, 2021

Important Key Factors for Estate Planning

Majority of the people are not comfortable in discussing estate planning. However, if you possess financial assets, it is extremely crucial to take estate planning seriously. Nobody wants to imagine what is going to happen after they die but crafting a legal estate plan is vital so that your assets are handled according to your will after your death. Every country has their own regulations for this purpose but if you are seeking professional help for estate planning in Calgary, then here are the important key factors that you must consider. Furthermore, these factors are usually the key factors for estate planning overall as well, but it is best to check in with your state’s regulations before you begin to create a plan.?

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Last Will:

Every estate plan does consist of your last will. It consists of an outline of all your wishes and the distribution of your financial assets and possessions, according to your desire. The will must contain the names of the people whom you wish to name your possessions to as well. Many countries follow a process, known as probate, if the deceased has not left any will or last statement. In this procedure, the decision is in the hands of the state as to how they wish to distribute your wealth and assets amongst your family.?

Financial Power of Attorney:

God Forbid, if you meet an accident or an illness that doesn’t leave you capable of handling your financial matters, the financial power of attorney comes into action. This attorney is handed over to the individual of your choice, who will manage your financial matters if you are unable to do so. If you don’t have this attorney ready, no one will be allowed to handle your legal and financial matters and you might end up in severe loss due to lack of supervision on your assets.?

 

Healthcare Power of Attorney:

This is similar to the above; in this document, you have to assign an individual the permission to take healthcare decisions for you, if you are unable to do so, by yourself. This usually happens in case of severe illness where a person cannot decide the best for themselves. You can also add your wishes regarding the type of healthcare you might want or the hospital/doctor you would like to deal with you. You can go in as many details as you want or ask your consultant to make the right decisions for you.?

FINAL VERDICT

Estate planning is ignored largely by a lot of people but it is extremely crucial, if you plan your life ahead smartly and wisely. Hiring a professional and legal company or lawyer to help you in estate planning can be extremely helpful as they guide you through the process smoothly. Make sure that you choose the lawyer wisely as you have to establish trust with them in all your matters.?

Author Bio :

John Black is the Lead Content Marketer at Globex Outreach, mainly responsible for guest posting services. He creates content strategies that help clients connect with their target audience and build strong relationship.?

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