Death is not a pleasant thought, but contemplating the consequences on the estate can prevent many problems in the long run. For this type of cases or others where the distribution must be meticulous, there is a tool known as estate planning. In this article we will explain what it consists of and what are the steps to develop the succession planning of your estate.
What is estate planning?
Inheritance planning is a legal tool that allows a living person to organize the transmission of his or her estate to one or several heirs. This allows to speed up the procedures related to the formalities involved in an inheritance, since the distribution and allocation of assets are stipulated.
In previous articles we had already told you a little bit about What is inheritance law? Y How to initiate a succession in Venezuela?. We hope that this information has helped you to have a broader perspective of the procedures related to inheritance. In that sense, estate planning helps the heirs and beneficiaries of the estate to receive the assets in short periods of time. In any case, planning streamlines every part of the process of executing an inheritance, so it is important to develop it during life so that after death the person's distribution wishes are carried out.
What should I do to plan my estate?
- Be clear about who are the direct heirs and who will be the additional beneficiaries. There are cases in which children out of wedlock are omitted in the wills, or parents in case of death of the children. Then the subsequent distribution entails other legal procedures ranging from the legal recognition of the direct heirs, disputes, among others.
- Think about the distribution of the assets with time and establishing to which heir each property corresponds. Although the law establishes a percentage per inheritance for each heir, the most feasible is to distribute the assets directly to each one. For this, a lawyer should guide you in the distribution percentages as well as in the protection of the estate.
- Contact a lawyer or firm specialized in inheritance law in Venezuela. This will help you in speeding up the time in each legal procedure. Remember that for the drafting, probate of wills and calculation of tax rates you need the guidance of an expert. So you have less risk that something is poorly drafted or that there are misunderstandings in the process of distribution of assets.
Steps for estate planning and establishing the family inheritance
To plan the estate and establish the steps to execute a family inheritance by the hand of expert lawyers is not so difficult. The important thing is that your trusted lawyer will help you find legal solutions that suit your requirements and needs. To get started with your estate planning these are the steps:
- Analyze the provisions in which the succession takes place. This includes the nature of the heirs, the type of inheritance, among others. It is important to be clear about the conditions of the succession so that everything is given in the best terms and in short periods of time.
- Delimit the value of the estate and get advice on the tax assessment that such estate entails. In this aspect we recommend you to go to a law firm that integrates a multidisciplinary group of experts in inheritance law. They will be able to guide you as to the outstanding debts on the property, as well as the amount of taxes that must be paid to the State for the property.
- Drafting of documents related to wills, inheritance agreements, marriage contracts, among others. At this point, your lawyer should accompany you in the process of analyzing previous documents that compromise your estate, up to the signing of the respective inheritance agreements. He must be clear about the implications of the assets and establish them, as the case may be, in the final will.
- Another step in conducting estate planning is to establish escrow of documents or ensure that security measures are in place for those documents. Many law firms usually offer this service in conjunction with probate. In this way, family members do not have to take care of the natural procedures when executing an estate. On the contrary, if no special custody is required, the holder keeps the will and makes it public for a trusted relative to contact the lawyer and execute the proceedings.
If you would like more information or need advice on this and other issues of criminal and commercial law, do not hesitate to contact us at contact us at. We also share with you our social networks so that you can keep updated on the legal topics that are in trend: Instagram, Facebook, Twitter y Linkedin.