What is estate planning in real estate law?

On Behalf of | Mar 3, 2020 | Real Estate

Typically, estate planning refers to all the plans that you do regarding your estate, which can get located in places such as Statesville, North Carolina. You can do estate planning when you are alive and well or when you are incapacitated. The plan involves the management of all your assets when you are still alive and how the assets will get distributed upon your demise. 

If you want an orderly administration and distribution of your assets once you die, then you must undertake estate planning when you are alive. The plan will allow you to arrange for an orderly administration and disbursement of your estate. 

You will also get assured that the right heirs get portions of your property when you die. Besides, estate planning involves taking actions that will minimize taxes on your property. 

Estate planning takes account of all your estate. The estate consists of your property, such as your house, as well as other tangible real estate properties.  Your estate can also be in the form of intangible property such as insurance, bank accounts, pensions, stocks, and bonds. 

An estate plan consists of critical elements such as; a will, a living will or health care proxy, a trust, assignment of power of attorney. 

Before you set up an estate plan, there are some key factors to be considered. First, you will need to determine the heirs of your will also property. You will also need to decide whom to hand over your financial affairs in case you are ever incapacitated. Another factor to consider is the person to make medical decisions for you if you become unable to make them yourself.