Estate Planning: Why Everybody Needs to Do This Few people find it important to have a succession plan for 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 an issue for just the rich–even if you do not own a pricey home, a massive business, or a lot of money to pass on, not having a succession plan could have a permanent impact on the family you leave behind. If you’re yet to be convinced about the significance of having a succession plan, the reasons below may motivate you to get in touch with your estate planning lawyer right away: Prevents Loss of Assets to Unintended Beneficiaries
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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 could posses shares or a summer home, but appointing heirs to your estate snatches control from the courts to you, helping circumvent a possibly long and ugly litigation process.
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Guarding the Welfare of Young Children in Your Family Nobody is eager to contemplate their own premature death, but if you have a family with small children, preparedness for the unthinkable is advised. Concerning this, you’ll utilize your will to specify guardians for your under-18 children in case both parents die, dictating that they’ll be taken care of in a manner that you’re happy with. The matter of who will raise your children when you die will be determined by the courts in case you don’t decide it in a will when you’re alive. Prevent Over-payment of Taxes Thanks to estate planning, you can guard against your heirs paying too much taxes. An important part of your plan should entail transferring assets to named beneficiaries with a view to creating the lowest tax burden that’s legally possible. Clever estate planning can significantly reduce or eliminate federal and state estate taxes. Elimination of Family Feuds Disagreements among family relatives of a wealthy person that has died without a will are very probable. Without a will that says who gets what when you die, one child may think they deserve more than another, or they could assert they’re better with financial management than others even when the rest of the surviving family disputes it. The disagreements may get worse in courts with relatives attacking each other. Such family feuds can be avoided by estate planning that designates heirs in a legally enforceable manner. Embrace estate planning now to guarantee the well-being of the dear ones in your life.