We all wonder about our futures – what happens when we die? Are we prepared for it, for our loved ones to be able to deal with it?
We like to think that we’ll stay young until we’re old, so our estate planning is like something that’s not as important.
But why is estate planning so important? Because you never know what will happen. Your life is in your hands, and you need to plan out your estate.
If you’re worried about this, read on. Read this guide to learn why estate planning is so important and why you should never ignore it.
Protect Your Assets
One of the primary reasons for doing this is to protect the assets you have worked so hard to accumulate. A reputable estate planning attorney can help for that the assets you have acquired during your lifetime are not subject to take away by creditors or wasted through improper estate administration. Your estate planning lawyer will understand your objectives and goals in regard to asset protection and help you create a plan that will protect them as much as possible.
Provided for Loved Ones
By planning your estate, you can give to your loved ones by giving them the money and resources they need when they need it, and in a way that honors your final wishes. This will help ensure that your loved ones are safe even after you’re gone. Estate planning is not something to disregard, as it can give your loved ones the financial resources they need.
Reduce Taxes
Estate planning allows taxpayers to cut the amount of taxes they must pay on their estates by taking advantage of various exemptions and deductions, as well as transferring assets to lower-income family members who are in a lower tax bracket. Additionally, estate planning can help taxpayers reduce taxes by implementing trusts, utilizing gifting practices, taking advantage of the annual exclusion, and utilizing charitable deductions.
Make Sure Wishes Are Fulfilled
If a person passes away without having a proper plan in place, their wishes may not be taken into account, leaving their estate open to a lengthy and costly probate process. By having a well-thought-out plan in place, families can reduce potential emotional and financial stress down the line and make sure wishes are fulfilled no matter what happens. Establishing guardianship of minor children and setting up trusts for that assets are passed on to the right people can also help that wishes are fulfilled.
The Importance of Estate Planning
Estate planning is essential as it allows you to appoint who will inherit your assets and manage any other affairs you leave behind. Having an estate plan gives you the peace of mind that your relatives and beneficiaries will be cared for once you die.
Create an estate plan or have your attorney help you develop one – doing so today could make all the difference.
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Amanda Byers is a graduate of Columbia, where she played volleyball and annoyed a lot of professors. Now as Zobuz’s entertainment and Lifestyle Editor, she enjoys writing about delicious BBQ, outrageous style trends and all things Buzz worthy.
