Life is uncertain. No one knows what’s going to happen the next moment. However, we all prepare for the future with our plans and goals, especially financial planning, and estate planning is an integral part of it.

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For many people, estate planning seems similar to a Will. While it is similar in many aspects, it is different from a Will. In a basic sense, estate planning has to do with planned and strategized asset management.

Estate planning is a detailed chalked-out plan to mane finances and assets the way you want after your death. However, it’s not limited to that. Even you can make an estate planning flowchart while you’re still alive.

Before discussing anything else, let’s see what estate planning is.

What is estate planning?

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An estate planning is a compilation of legal papers that outline how assets will be distributed after death. A full estate plan consists of many documents and is frequently accompanied by a summary letter outlining the important aspects of the plan. The legal terms may be difficult to understand but the documents must be detailed in order to function properly.

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There are many duties that you can put off for long but don’t include estate planning in that. Now here is a situation no one likes to even think about. What if you die unexpectedly? You will be leaving possible heirs behind you. In such a case, estate planning can be quite beneficial.

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You can either seek help from experts dealing with estate planning or use readily available estate planning flow chart template to make your own estate planning. Here is what you need to know about the estate planning flow chart template.  

What is an estate planning flowchart template? 

An estate planning flowchart template can help you streamline every step of your estate planning. Apart from including the whole process, it can also provide you with alternative plans in case things fall into the untoward situation that you least expect.

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The best part about the estate planning flow chart template is you can just download it and fill them out to have your own estate planning flow chart. It’s hassle-free to make and easy to understand, providing you relief from the legal jargon.

What are the elements you must include in an estate planning flow chart template?

Everyone, regardless of age, wealth, or stage of life, should get an estate plan in place. The answer to this question might vary widely from attorney to attorney, so it’s best to consult with a few.

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Here’s the right advice for you. Marriage is the event that prompts most people to create an elaborate estate plan. Preparation for financial and medical decisions in the event of incapacitation should be a driving force behind estate planning before getting married.

A typical estate planning flow chart template includes the following things in it.

Will

A ‘Will’ is at the heart of every estate plan since it specifies how your assets will be allocated upon your death. If you don’t have a will, your assets will be distributed in accordance with state law, which may or may not reflect your values. An executor and a legal representative for any dependents are both named in a will.

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Living Trust

Revocable living trusts, also known as inter Vivos trusts, establish a separate legal body for the purpose of holding property on someone’s behalf after their death. To avoid probate, which may be expensive and time-consuming (not to mention emotionally demanding) for your heirs, you should use a living trust instead. Possessing a trust in place, however, often protects the public from learning about the details of your estate through the process of probate.

Power of Attorney

In a legal scenario, the DPOA or durable power of attorney gives someone else the authority to act on your behalf in the event that you are unable to do so yourself. The person you name in the DPOA has the authority to manage your finances, including paying bills, filing taxes, making investment decisions, and managing investments.

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Advanced Medical Directives

In the event that you are unable to speak for yourself, the Advanced Medical Directives specify the exact nature of the medical care you desire. You can designate somebody to make the decisions concerning your medical condition. A living will, a health care power of attorney, and a Do Not Resuscitate order are all examples of advanced medical directives.

Letter of Instruction

You can express your personal views and suggestions via a Letter of Instruction. It’s a non-legal document and you can include it with your estate planning if you wish to. However remember that the letter of instruction, in contrast to a Will, stays private and is not legally enforceable.

What happens once you have created an estate plan?

You should double-check that the trustees and executors listed in your will are aware of your desires. Also, ensure your paperwork is easily findable when needed. An estate memo is also a good idea to keep track of all your finances. 

Keeping your affairs in order reduces the amount of work your loved ones have to do when administering your estate. At least once every few years, go over your estate plan with fresh eyes to make sure your preferences are still being carried out as you age and new laws are passed.

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As we become older, our lives tend to become more complicated. We raise families, acquire property, and amass riches as we grow older. As a result, estate planning techniques must be implemented early and reviewed frequently. 

For each individual, the process of preparing an estate is somewhat unique. The process might seem a little daunting, but the peace of mind you’ll have as a result of carrying out your estate plan will be well worth it.

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Estate planning is the best approach to ensure that your assets are dispersed in accordance with your preferences.

Benefits of Estate Planning

1. Estate plan safeguards the rights of your beneficiaries

If estate planning is not limited to only HNI (high net worth individuals). Many middle-class families nowadays must prepare for the possibility that the family’s primary income provider will pass away (or breadwinners). The stock market and real estate, which both yield assets that you wish to transfer to your successors, aren’t just for the super-rich.

2. Estate plan protects the rights of young children

If you’re a parent of young children, you should be prepared for the worst situations that might arise. An estate plan can surely help you in setting a few things planned.

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In case children become orphaned before reaching the age of 18, an estate plan can appoint guardians to look after your children. In the absence of guardianship, the courts have the power to make the decision on who will care for your kids.

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3. Estate planning can save you tax

When it comes to estate planning, you can make sure your loved ones are protected from double taxation. With a clear and elaborate estate planning chart, you can save your successors from paying taxes for assets that you already paid. 

4. Protect your family from conflict

When a wealthy family member dies, a family feud ensues. Even if they’re infamous for piling up debt, a sibling may believe they have more rights and possessions than the others. In other cases, they may believe they naturally inherit the household finances. 

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Squabbling among members of the same family can get violent in the worst case. Simple estate planning with clear instructions can maintain harmony within your family.

5. Let your philanthropic works continue after you

To ensure that you are remembered in a positive light after your death, it is common to include legacy planning in the estate planning process. Setting charitable goals and devising a strategy for achieving them is a common part of this for many people. 

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A donor-advised fund, a charity trust, or a family foundation may be options for you to support the issues you care about.

Now that you have known the benefits of estate planning. It’s time for you to download some estate planning flow chart templates to start making your plan. Here are the benefits of making an estate planning flowchart.

Benefits of an estate planning flowchart

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The Estate planning flowchart is a simple way of visually representing your estate plan. It depicts the way your assets will be distributed after your death or the time decided by you. As a result of the illustration, you can easily determine how much of your income will be taxed and how much each beneficiary will receive.

Conclusion

Estate planning is not limited to only persons with high net worth. Anyone can plan their asset management and transfer through an asset plan. To plan out better, you can either approach experts or download estate planning flow chart templates. These templates are easily available on the internet. Download and make your estate plan soon if you haven’t done it yet.