A lot of people invest their time in planning vacations, buying luxurious cars, and selecting 7-star hotels for dinner. What they do not invest in is estate planning. After your demise, who will inherit your assets? It may not be fun to think about but completely practical and important. Still wondering why estate planning is important?
If you hire the best real estate lawyer Cornwall has seen, you can be certain that the entire process will be smooth and quick. He will tell you that estate planning is not just for people with wealth. If you do not have all the plans in place, it can cost a lot of pain and time to your loved ones.
4 Reasons for Estate Planning
Protection of Beneficiaries – If you think that estate planning is only for the high-net-worth people, that concept has already changed. Now, even the middle-class families have joined these forces in case something happens to the breadwinners of the family. For example, you do not have to be really rich to excel in real estate or the stock market. You can always pass on these assets to the heirs.
If you are planning to leave a home behind but do not decide who you will leave it to, there will not be any control over what happens to that home. Since the main aspect of estate planning is to designate an heir for the assets, estate planning is important. If you don’t, the court will decide who gets the asset. It will involve a lot of legal fees and things can get quite messy.
Protection of Assets – An important reason to plan your estate is the protection of assets. Once the lawsuit has started, it will be too late to do anything. The wise thing to do is create a sound financial plan. It will protect the assets for your beneficiaries after the death and you till the time you are alive.
Protection of Young Children – Nobody thinks that they will die young. But if you have small children, you have to think about the unthinkable. So, the will of an estate plan has to be set in. So, make sure that the children are well taken care of. Name a guardian who will take care of your kids till they turn 18. Without that name in the will, the court will have to decide who will be responsible for your kids.
Eliminate Family Mess – We have all seen in movies how horrible family feuds become. If somebody with money dies, a war always starts between the family members. Every sibling may think that he deserves more than the other. So, the fights can get ugly and get dragged in court if there is no estate planning. An estate allows people to control the finances in case you die or become mentally unstable. It will protect your loved ones from pitting against each other and making sure that the assets are well-handled.
This estate plan will also help kids who are physically challenged or set up a trust. It will also help you take care of the kids who cared for you the most. You can simply arrange the right kind of sum for the right people.
Spare Taxes for the Heirs – Estate planning helps you take care of your loved ones. When you give them a part of your money, it will also protect them from the IRS (Internal Revenue Service). One of the most important factors to keep in mind while creating estate planning is to reduce the tax burden on your heirs. Estate planning can help people reduce different tax burdens like state estate, federal, and state inheritance. You can also help decrease the income tax burden on the beneficiaries. If there is no plan in place, your beneficiaries might have to pay a lot.
Conclusion
If you want to protect your loved ones after death, always make sure that there is an estate plan is in place. Without setting up that, your heirs can face a lot of problems. Hire the best real estate lawyer Alexandria can offer and start planning your estate today. Langevin Lawyers promise you to provide the best service. Get in touch with us today!
