Short Course on Estates – Getting to Square 1

Estate Planning: Why Everybody Needs to Do This A lot of people do not have arrangements stipulating who will inherit 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 a concern for the wealthy only since lack of a clear succession strategy can negatively affect the loved ones you leave behind even if you do not have an expensive house, a huge investment, or a lot of money to be inherited. If you still need some convincing about the importance of having an estate plan, below are some motivating benefits that may compel you to start making arrangements with your estate planning lawyer: Prevents Loss of Assets to Unintended Beneficiaries
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As long as you have a family (kids, spouse, or other dependents) and property worth something, an estate plan lets you dictate who gets to own it when you die. Whether you own stocks or a second home, designating heirs for your assets gives you more leeway than the courts, helping avoid a potentially ugly and protracted legal contest.
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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. Regarding this matter, you’ll rely on your will to assign guardians for your under-18 children should both parents die, ensuring that their welfare is guarded in the way you wish. 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. Minimize the Tax Bill Your heirs won’t have to pay excessive taxes when you have a proper estate plan. A key element of your planning is about passing on your assets to stipulated beneficiaries with the objective of resulting in the lowest tax responsibility permissible under the law. State and federal estate taxes can be brought down substantially or eliminated with smart estate planning. Avoidance of Family Disputes Conflict among family members is highly possible when a wealthy member dies without a will. If there’s no will that says who owns what upon your death, a sibling may want to inherit more than the others, or they might want more control of the finances than others against opposition from the other family members left behind. The dispute could get ugly in court with family members going against each other. Estate planning helps avoid family disputes by stipulating your heirs in a legally enforceable way. Embrace estate planning now to guarantee the well-being of the dear ones in your life.