2/9/2021
ESTATE PLANNING - PANAMA LEGAL CENTER
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ESTATE PLANNING Home / ESTATE PLANNING
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HOW TO CREATE ESTATE PLANNING? ULTIMATE GUIDE Estate planning task is to manage an individual´s asset in the event of death or disability. It directly involves preparation how to preserve one´s real estate properties as well assets such as securities, cash, pension, etc. All tabgible & intangible assets such as intellectual properties and patents will be put in the estate planning strategy in order to pro surviving family. Setting up a will is an essential element in the event of one´s death / disability.
Why You Need An Estate Planning Strategy? Estate planning is essential to protect one´s asset in the event of his/her death. By naming an executor and having a will, it ensures that your wishes are protected and your asse distributed to your loved ones as you desire. However in case you do not choose to have a will, the court will decide who will receive your assets and court will be managing you arbitarily. In fact, it is a fact that in case of lack of will, substantial nancial loss will occur for the family of deceased. It is wise to establish a will and living trust and provide y instructions in the will to make sure your assets are dealt via your own executor, not a court appointed guardian.
What is A Will? A will is an important legal document and it provides guidelines on how an individual’s estate & properties as well as custody of minor children, if any, should be treated after de individual´s written will names a Trustee or an Executor to manage the assets after death and also during his lifetime ( setting up a Living Trust ).
What Is A Probate? Upon the death of an individual, the court with authenticate the will of a deceased person via a legal process known as ¨”probate“. The probate process is known as a court-su procedure that validate the will of the deceased and the court o cially appoints and gives legal power to the Executor named in the will to oversee the execution of the will.
Why Estate Planning Is Important? 1. Naming an executor of the estate to supervise the will in case of death 2. Naming someone to manage your assets in case of incapacidad 3. Setting up a guardian for living dependents 4. Setting up a Living Trust in the name of bene ciaries 5. Setting up bene ciaries for life insurance policies / annuities, IRAs, etc. 6. Setting up quali ed charitable 7. Setting up power of attorney 8. Setting up medical care decisions in the event of incapacidad 9. Naming individual/s that will inherit your assets 10. Setting up funeral arrangements
Who Needs An Estate Planning Strategy? No matter how old you are and or what kind of nancial situation you may have, it is vital to establish a will and have an estate plan document. Lack of estate planning, means in t something happen to you, your family & loved ones you will be out of luck and are left at the mercy of the court and the court guardian. Reality is sad but we must deal with it. In one knows when a person will die or become incapacitated. It could be an accident, a stroke, devastating cancer or some form of mental illness. In the event of any of the ab court may intervene to manage your assets as well as your minor children welfare. But by having a properly documented estate plan and will, you avoid all the confusions and taxes.
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