A lot of people do not have arrangements stipulating who will inherit their estate. Yet, you lose your say over who gets to inherit your property when you’re gone if you don’t do estate planning. Estate planning is not a concern for the wealthy only since lack of a clear succession strategy can negatively affect the loved ones you leave behind even if you do not have an expensive house, a huge investment, or a lot of money to be inherited.
If you’re skeptical about the need to have an estate plan, here are some reasons that can change your mind and get you to start talking to your estate planning attorney:
Prevents Loss of Assets to Unintended Beneficiaries
A Simple Plan: Experts
If you have a family that may include children, spouse, or other dependents and you own assets worth anything, you can exercise control over who inherits the assets through an estate plan. You may own shares or another home, but stipulating heirs for your possessions gives you more control than the courts, and this eliminates the need for a possibly confrontational and prolonged court battle.
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Safeguarding the Well-being of Families With Young Kids
Nobody is eager to contemplate their own premature death, but if you have a family with small children, preparedness for the unthinkable is advised. Regarding this matter, you’ll rely on your will to assign guardians for your under-18 children should both parents die, ensuring that their welfare is guarded in the way you wish. The issue of who takes over the guardianship of your kids when you die will be dictated by the courts in case you don’t resolve while you’re a live through your will.
Minimize the Tax Bill
Your heirs won’t have to pay excessive taxes when you have a proper estate plan. A key element of your planning is about passing on your assets to stipulated beneficiaries with the objective of resulting in the lowest tax responsibility permissible under the law. State and federal estate taxes can be brought down substantially or eliminated with smart estate planning.
Avoidance of Family Disputes
Conflict among family members is highly possible when a wealthy member dies without a will. If there’s no will that says who owns what upon your death, a sibling may want to inherit more than the others, or they might want more control of the finances than others against opposition from the other family members left behind. The disagreements may get worse in courts with relatives attacking each other. Estate planning helps avoid family disputes by stipulating your heirs in a legally enforceable way.
To protect the welfare of your loved ones, start estate planning now.