Estate planning can be a complicated process. But when you have decided to pass on your property to the estate planning lawyer, ensure you become responsible. The first thing that you need to do is to consult an estate planning lawyer. They are experienced enough with the Inheritance and Succession laws in UAE.
They can assist you in the best way when you have decided to work on your estate planning; it’s always better that you are well acquainted with the norms and the terminologies associated with the subject. The article discusses the things to know when you opt for estate planning.
Top Estate Planning Terms You Need To Know
There are some of the terms associated with estate planning directly. You need to have at least a rough idea of these terms so that you can relate things easily while you work with your lawyer. Let’s try to understand them so that you get a better idea.
A beneficiary is a person or a group of persons to whom the estate will pass on. You will have to name the beneficiaries on important documents like retirement plans, will or trust documents, and others.
Beneficiaries are the most important term associated with real estate planning. This is because they are the ones to whom the entire property will be transferred. Therefore, if you do not properly name your beneficiaries, you and the person will indeed find deep problems.
Authorities prepare the will with the utmost professionalism and keep every point intact. The Codicil is simply the amendments that you need in your will under certain circumstances.
Certain events like birth, death, marriage, divorce and others pave the way for making some changes in the will. Unfortunately, this process is not that easy and requires the services of some bona fide estate lawyer. So take hir/her advice before making any changes.
The decedent is the person who is the legal owner of the property, will, plans or policy. The distribution of passing of the assets depends on the will of the owner of the property.
They are important to property or estate planning because, without their help and assistance, the smooth distribution or passing of property is not possible at all. Therefore, they are the most important people in estate planning.
An executor is a person who takes the initiative of distributing the property to the family members if the owner passes away. Estate planning requires a good amount of responsibility, accountability, and time.
Executors are important to estate planning because they are the ones that take sole responsibility for dividing the property among the legal owners. Yes, you can only become an executor if you are one of the close acquaintances of the owner, and you also need to be above 18 years of age.
5. Healthcare Directive
This is a kind of legal will where you mention the details of the medical care you have taken or the care you wish to take. It also includes details of the body organ if you want to donate to someone in your family.
Here you can make your own decisions on your treatment and other subjects. But it’s better that you take the help of some agent that makes decisions on your behalf.
They are important in estate planning because you must ensure that all your wishes are duly honored by your family members.
6. Joint Tenancy
This means the property is to be distributed to two or more persons. If two individuals own a property, it is called the” right to survivorship.” When one of the owners dies, the property automatically transfers to the surviving member.
This is important because there has been an account where people tend to make someone out of the ownership rights in the absence of the other.
Probate is the legal process of validating the will. This denotes paying the dues to the creditors. Probate is the distribution of property to the people who are the legal owners. While the process gets underway, it follows the laws of the state completely.
To end, it can be said that you need to get yourself acquainted with the terms so that you are not confused.