One of the many reasons you should create an estate plan is that having one in place guarantees that your final wishes will be executed upon your death. Without an estate plan in place, you cannot guarantee that your family and loved ones will be taken care of when you are no longer around. Not only does a valid estate plan ensure your loved ones will inherit from you, but it will also help your beneficiaries avoid certain taxes and other legal requirements when it comes time to distribute property.
Tops Reasons to Establish an Estate Plan
To provide for your family when you are gone
If you are concerned about your family and what will happen when you die, an estate plan is a great way to give yourself peace of mind. You can determine who should inherit certain assets as well as who should be granted physical custody of your children. Without an estate plan, the court system will do this for you.
Provide your family with peace of mind
Your loved ones will be dealing with grief and will not have the time to determine who should inherit what after your death. This could prove stressful and could even lead to disputes if one family member feels they should be given certain assets. One of the main perks of having a valid estate plan in place is that you get to maintain control over what happens to your property and assets after you die.
Also, if you become incapacitated and do not have an estate plan, your family will need to make medical decisions for you, which may not be directly in line with what you would want. Estate planning encompasses more than just a will. It also includes powers of attorney, medical powers of attorney, and health care proxies.
Reduce legal fees and taxes
With an estate plan in place, your beneficiaries can inherit from you right after you pass away. They will not need to go through the probate process, where they will need to pay court and legal fees. Also, as probate can be time-consuming, your beneficiaries may need to wait to collect their inheritances.
Help manage and maintain your business
If you have a business or multiple business and would like them to stay in the family, you will need to include this in your estate plan. If your family relies on these businesses to provide for them financially, it is crucial to include who will take over operations when you die. Also, if there are any other bits of information your family should know before taking over the businesses, it would be helpful to pass this on.
A valid estate plan has many benefits. To learn more about our estate planning services, contact us online or call our office via (502) 937-1125.