One of the significant aspects that face an individual when he passes away is how his liabilities and assets will be distributed, preserved, and managed. It is even worse when the owner of such assets dies without leaving an express opinion on how the assets need to be managed. HCR Wealth Advisors offer professional services when it comes to planning for the distribution of an individual’s wealth in a tax-efficient manner and in accordance with the wishes of the deceased.
Estate planning is a complex aspect that many people cannot handle for themselves. Generally, people don’t like thinking about their death or incapacitation. This sense of denial makes it hard for them to come up with a comprehensive plan for estate planning. However, planning for unseen circumstances is necessary and essential so that you can leave your family protected and in a better position. This is where experienced wealth managers such as HCR Wealth Advisors can help.
If a person wants to see his liabilities and assets handled according to their will, they have no other option other than to come up with a strategic approach to planning everything. HCR Wealth Advisors use a strategic approach in wealth and estate planning. Several documents must be involved in the entire process. Using documents are necessary because it makes everything legally binding.
According to HCR Wealth Advisors, one of the most critical documents in estate planning is the will. This is a legal and binding document that highlights how wealth can be managed and how various assets can be spread to multiple members of the family after death. It is an expression of the decedent’s intent of what should be done after a person dies. A will does not only determine who will get a share of the assets, but it also indicates who will take care of the minor children.
HCR Wealth Advisors notes that there should be a personal representative who will be in charge of the will and will do everything to execute the will. However, HCR Wealth highlights the role of an alternative or backup representative because something might happen to the will representative. Any person can be a personal representative, such as trusted friends and family members.
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