Intestacy Laws and Estate Planning

When There Is No Will: Intestacy Laws and Estate Planning Laws Work To Disperse Estate To Beneficiaries

There are two different characteristics in financial planning:

- Intestacy
- Estate planning

What will a financial planning plan entail? It includes a Last Will and Testament that includes the grantor’s entire estate for proper distribution among the named beneficiaries. Now, something you need to keep in mind when it comes to estate owners and wills.

- Should an estate owner die without this Last Will and Testament, it said they have died testate.
- If there is no Last Will and Testament created before the owner dies, it’s said that he/she died intestate.
- If the estate owner dies without proper estate allocations, the will is going to be disbursed by how it’s stipulated.
- Any remaining estate that’s not in the will will be thought of as Intestate Estate and move to probate court for distribution. Inheritance laws will be applied during this time.

The intestacy and estate planning laws will ensure that all inheritance property is dispersed among the deceased’s heirs. However, any inheritance money to be dispersed according to the estate owner’s wishes really needs a will to ensure that asset distribution is met.

Estate planning is an important part of a sound financial planning business plan. However, it needs to be thorough and encompasses every bit of the estate so nothing is left to chance or the intestacy laws. And, the right estate planning will lessen the amount of inheritance taxes a person must pay and reduce the cost and time of the probate process.

A properly drafted financial plan has the follow estate planning tools:

- Asset or Monetary Gifting
- Charitable Trusts
- Durable Medical Power of Attorney
- Family Limited Partnership (FLP)
- Irrevocable Trusts
- Last Will and Testament
- Living Will
- Powers of Appointment
- Powers of Attorney
- Revocable Trusts

The intestacy and estate planning laws ensure that estates are dispersed to the beneficiaries of an estate. However, estate planning laws ensure that the estate is dispersed the way the owner wants it and not based on the intestacy laws. If you’ve got questions regarding the laws, you need to speak with an estate-planning attorney to talk about your options.

Estate planning and intestacy refer to two different aspects of financial planning. A proper financial planning plan includes making an appropriate Last Will and Testament that includes the entire of estate of the grantor or estate owner for proper distribution among the heirs or beneficiaries of the estate. If an estate owner dies with a proper Last Will and Testament in place he/she is said to have died testate. If the estate owner failed to create a Last Will and Testament before dying, he/she is said to have died intestate. If the owner of an estate dies but his/her Last Will and Testament does not include or make allotments for the distribution of the entire estate, the estate included in the will is disbursed according to the stipulations outlined in the will. The remaining estate not included in the will is considered, "Intestate Estate", and is transferred to probate court for disbursement according to local inheritance or inheritance laws.

Estate planning and intestacy laws will see to it that the inheritance property is distributed among the heirs of the deceased. However, for the distribution of inheritance money according to the wishes of the estate owner a proper will is the best assurance of the desired distribution of assets.

Estate planning is an essential part of any sound financial planning business plan but estate planning needs to be thorough and include the entire of estate so as to leave nothing to chance or local estate planning and intestacy laws. Appropriate estate planning can reduce inheritance taxes and decrease the time and expense of the probate process.

Estate planning tools available in a properly designed financial plan can include:

- Last Will and Testament
- Revocable Trusts
- Irrevocable Trusts
- Charitable Trusts
- Powers of Appointment
- Asset or Monetary Gifting
- Powers of Attorney
- Living Will
- Family Limited Partnership (FLP)
- Durable Medical Power of Attorney

Estate planning and intestacy laws will make sure that an estate is distributed to the heirs and beneficiaries of an estate but estate planning will assure that the estate is distributed according to the specific wishes of the estate owner and not be subject to the local intestacy laws of that particular jurisdiction. If you have any questions regarding estate planning and intestacy laws, contact an estate-planning lawyer to discuss your estate planning options.

If you are interested in more rent related legal information, go to Free Legal Forms site, browse and download many free legal forms as in PDF format, including tax forms and Estate Planning Tools that can be used by anyone who wants to plan ahead of inheritance.

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