{"id":19848,"date":"2013-05-09T16:39:34","date_gmt":"2013-05-09T11:09:34","guid":{"rendered":"http:\/\/vskills.in\/certification\/tutorial\/?p=19848"},"modified":"2024-04-12T14:15:54","modified_gmt":"2024-04-12T08:45:54","slug":"need-and-tools-for-estate-planning","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/need-and-tools-for-estate-planning\/","title":{"rendered":"Need and Tools for Estate Planning"},"content":{"rendered":"<p>\u00a0<\/p>\n<p><strong>Need for Estate Planning<\/strong><\/p>\n<ul>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">Provide support and financial stability for your surviving spouse, children, and grandchildren.\u00a0<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">Preserve your wealth for later generations.<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">Make sure your wishes are carried out when you can no longer manage your affairs. It&#8217;s important to have both a power of attorney and a living will.<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">Support a favorite charity or cause with a gift of money, securities, or other property.<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">Distribute assets in a timely fashion, with a minimum of legal hassle.<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">Minimize taxes and expenses that can go along with transferring assets.<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">Provide enough cash to meet expenses and prevent the forced sale of assets.<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">Avoid problems for your loved ones by ensuring that the beneficiaries named on your life insurance and retirement plans are still the people you want to benefit.<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">Protect your family&#8217;s privacy with an estate plan designed to prevent your will from becoming public record.<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">Set and meet expectations of your survivors so there is no confusion or misunderstanding.<\/span><\/li>\n<\/ul>\n<p><strong>Tools for Estate Planning\u00a0<\/strong><\/p>\n<ul>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\"><strong>Wills:<\/strong> A will is a legal document that lays out the fate of an individual\u2019s property after his or her death. It states who receives the property and in what amounts.\u00a0<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\"><strong>Trusts:<\/strong> A trust is an arrangement where a person entrusts property to one person or an organization. The person or trustee is taxed with managing the property on behalf of the beneficiary or beneficiaries.\u00a0<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\"><strong>Power of Attorney:<\/strong> Power of attorney gives a person or organization the legal power to handle the holder\u2019s affairs when he\/she is unable to do so. The person or organization that is appointed is referred to as an &#8220;attorney-in-fact&#8221; or &#8220;agent.&#8221;\u00a0<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\"><strong>A business succession plan:<\/strong> Estate planning for business owners is significantly different than for people who do not own a business. The business owner may want to specify who the business should be transferred to upon his\/her death to avoid any disputes.<\/span><\/li>\n<\/ul>\n<div class=\"apply\">\n<h3>Apply for Wealth Manager Certification Now!!<\/h3>\n<p><a href=\"http:\/\/www.vskills.in\/certification\/Certified-Wealth-Manager\">http:\/\/www.vskills.in\/certification\/Certified-Wealth-Manager<\/a><\/p>\n<\/div>\n\n\n<p><a href=\"https:\/\/www.vskills.in\/certification\/tutorial\/wealth-manager\/\" target=\"_blank\" rel=\"noreferrer noopener\">Go Back to Tutorial<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Need for Estate Planning Provide support and financial stability for your surviving spouse, children, and grandchildren.\u00a0 Preserve your wealth for later generations. Make sure your wishes are carried out when you can no longer manage your affairs. It&#8217;s important to have both a power of attorney and a living will. Support a favorite charity&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[3344],"tags":[5041,5043,5042],"class_list":["post-19848","page","type-page","status-publish","hentry","category-wealth-manager-2","tag-need-and-tools-for-estate-planning","tag-need-for-estate-planning","tag-tools-for-estate-planning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Need and Tools for Estate Planning - Tutorial<\/title>\n<meta name=\"description\" content=\"Tools for Estate Planning\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/need-and-tools-for-estate-planning\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Need and Tools for Estate Planning - 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