Most people don’t like to talk about estate planning because thinking about death is uncomfortable. However, you should plan for the future to ensure your assets ─houses, cars, or investments─ are distributed the way you want them.
To put it simply, estate planning includes creating a will or trust. Without an estate plan in place, you could leave your family with a long-lasting and time-consuming burden, which might cost you a lot more than you think.
Not convinced? Take some time to read these four reasons how estate planning can save your loved ones’ futures.
What is estate planning?
Estate planning is all about passing on your assets or investments from generation to generation. In other words, estate planning is creating a plan for managing and distributing your assets after your death. It involves deciding who gets your stuff, how, and when. In case your kids are minors, it also includes making arrangements for their care.
Here are 4 reasons
1. Estate planning protects your assets.
Estate planning is one of the best ways to protect your assets. Estate planning involves creating legal documents like a will or trust that outline how your assets will be divided after your demise. If you don’t have an estate plan, your assets could go through probate, which can be a long and expensive process.
2. Estate planning takes care of your loved ones.
Without a question in mind, the future is completely unpredictable. You don’t know what will happen to your spouse or your children after your death. If you have an estate plan in place, you purposely ensure that your loved ones are taken care of in your absence. This includes designating guardians for minors, for example, who will raise your young children. A well-designed estate plan can ease the financial pain for your loved ones during a difficult time.
3. Estate planning saves your family messes.
Family war isn’t a new thing. And we all know that. Your children will fight over their share of the property after your death. To stop this future war, you must take some time to register for estate planning. Having an estate plan would choose the members who manage the finances and assets. Having more than one spouse or children makes estate planning even more essential.
4. Estate planning helps you with taxes.
Estate planning is all about reducing the tax burden on your heirs. In many cases, estate planning reduces federal and state estate taxes and state inheritance taxes partially or fully. There’s also a way to lower income taxes. Having an estate plan in place helps your assets be passed on to your beneficiaries rather than contributing towards taxes. When you strategically plan your assets using a combination of trusts and tactical accounts, this helps decrease the overall tax burden on your loved ones.
The final say
In simple words, Queens Probate Lawyer helps in estate planning which is essential to saving your family. The thought of death can be uncomfortable when we are enjoying our lives. This is where estate planning comes into play. There are a lot of benefits to estate planning for you and your family.
In case you haven’t already engaged in estate planning, you should seek the advice of a qualified estate planning lawyer. In this way, you can make sure your wishes are carried out that you want.