Contrary to popular belief, estate planning is not only for the wealthy. As long as you have assets, an estate plan goes a long way in safeguarding your properties, in the event of mental incapacitation or death.
In this article, we are going to highlight the reasons why you need an estate plan.
Let us dive into details.
- It is beneficial to those you leave behind
As a breadwinner, it is quite unfortunate if, after your unprecedented death, your dependents have nothing left.
If you have people you want to be beneficiaries of your will, it is essential to protect them. By seeking Garden Ridge estate planning services, the estate planning process becomes less tasking. These attorneys go to great lengths to guide you through the entire process while offering invaluable advice where applicable.
Additionally, as much as no one wants to die before old age creeps in, young deaths are inevitable. As such, it is essential for parents of young children to have their estate planned to ensure their kids are well catered to before they come of age and can support themselves, as well as make crucial decisions. An estate plan also allows you to decide who will take care of your kids in case both parents are dead or mentally incapacitated.
By taking such necessary steps, the court is under no obligation to assign your children a guardian, but to respect your wishes.
- Minimizes Federal and State Estate Taxes
Federal and state estate taxes are headaches property owners have to deal with. The hefty charges can cause a property owner to lose their assets if they are unable to make payments. By embracing the estate planning process, you minimize such fees and other inheritance charges. In some cases, tax exemptions are a possibility. Exemptions are a huge tax burden relief for beneficiaries who might not be in a position to pay for such federal and state estate fees.
If payments are still payable, your estate planning attorney will also advise you on ways your beneficiaries can reduce the amount of income tax they may be required to pay.
Situations where family battles over possessions are quite common. One family member might feel they deserve more inheritance as compared to other family members. Most of whom claim that their family statue or their input in the family business entitles them to a certain percentage of the inheritance.
It is such issues that cause heated conversations among family members. In the worst-case scenarios, these disagreements escalate further, ending up in court cases. To avoid putting your family under such strain and stresses, invest in an estate plan. By doing so, you assign all your assets to its rightful beneficiaries, minimizing any ugly family squabbles.
Estate planning is nothing to be taken lightly. Yes, it may be an intricate process, but it plays a primary role in safeguarding the interests of your beneficiaries. Additionally, it allows you to determine the executioner of your estate and who manages your assets.