It is the term used to signify the property of a certain individual. When a person dies then automatically the property of that person passes on to his heirs. If there is no owner of the property then that property might get distributed according to state laws; it all depends on the size of the property or in other cases it should be disposed of.
It is the proper planning of how property and assets are being transferred from one individual to another. Estate planning can be done in the case when a person is deceased or is not willing to participate or take care of his or her estate affairs.
Then next case is the joint ownership of the estate. In this case, all the estate of the deceased person is owned jointly by both the owners.
In this case, there is no need of probate because it is with one’s own consent of transferring his property to his heirs. If you have queries regarding estate planning you can contact Pasadena Estate Planning Law Firm — Amity Law Group, LLP & Estate Planning, Employment, Business, Litigation, and Immigration & Los Angeles through the web.
If a person dies without writing a will for its estate, it is termed as “intestate.” In that case, beneficiaries are given all the rights for estate possession. This lack of control may cause assets to be distributed in an undesirable manner.
Features of Good Estate Planning
It involves the trust of three parties that are as follows:
- The trustor: The person whose property or estate is to be given to their beneficiary.
- The trustee: Estate controlling authority whether it is an individual or organization,
- The beneficiary: This is the person who will receive some or all of the property or estate, this happens when a person before death prepares a “will” which states that a certain individual will be the hire of the estate. If estate planning is what you are looking for read this article.
Reasons for doing estate planning:
- First, we come know who will be the owner of our property
- Secondly, it will save the assets for future generations; our beneficiaries will feel secure with it.