Why Estate Planning is Very Important


Many people seem to spend more time planning to eat out or a vacation than they do planning who'll inherit their estate. Yes, estate planning may not be as enjoyable as checking hotel reviews or booking a vacation, but without it, it's not possible to decide who receives all you've really worked hard for.

Estate planning is not meant for the rich only. Without estate planning attorney  , your family might be affected long-term, even if you've got no expensive home, valuable art piece, or huge investment account to bequeath. If you're not convinced that you need estate planning, here are 4 reasons why planning for your estate before you die is very important.

Stops unintended beneficiaries receiving your estates

Estate planning is vital for the rich as well as middle class people. After all, you needn't be very rich to flourish in the stock market or in real estate, which both generate assets you might want to hand down to your heirs. Even if you only have a second home, if you do not decide who gets the property when you pass on, you won't have any say on who gets the home.

Protects families with little children

If you have little kids, you need to prepare for any eventuality. In order to make sure your kids are looked after your own way, you should name their guardians should both of you pass on before the kids turn 18. If not, the courts will take over and decide who will take care of your children, rather than who'll get your piece of art or part of your real estate.

Stops inheritors overpaying taxes

Columbia trust attorney Estate planning is basically about protecting your family, which means partly protecting them from huge tax hits. Passing on your assets to inheritors with the objective of leaving the lightest tax burden possible is essential to estate planning. Even with a little estate planning, parents can reduce all their state inheritance taxes, or state and federal estate taxes, which can be very costly. But if you have no plan, your inheritors will owe the government lots of money.

Ends family wrangles after you pass away

We've all heard about family wrangles that take place when somebody with money passes on. Such squabbling may turn nasty and wind up in court, with relatives fighting each other. This is one more reason why it is imperative to draw up an estate plan. This will let you pick who's in charge of your estate if you become mentally incapacitated or die. It will also really help in crushing any family trouble and making sure your assets are taken care of your way.