Personal Finance 1st Edition by Jack R. Kapoor

Exercise 12

1 What are the legal aspects of estate planning?

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2 What is a will? Why is it an important estate planning tool?

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3 How does marriage or divorce affect a will?

Action Application Contact several lawyers in your area to find out how much they would charge to prepare your simple will. Are their fees about the same?

Step 1 of 3

(1) Legal aspects of estate planning:

In case of death the beneficiaries should have proof of claim for claiming the property. Until appropriate evidence is provided by the beneficiary no claim can be made. If in case required documents are unable to be located then there are chances of losing the funds and it becomes very difficult for the legal heirs to establish their rights. Thus, some important documents have to be furnished or attached in order to avoid the future problems in claiming the property of an individual after death.