Law

Wondering if you need an estate plan? Check these advantages

People usually imagine the rich and elite having an estate plan. Yes, millionaires have more and have to plan better, but you are no less. The eventual goal of estate planning is to ensure that your loved ones are provided for after your death and that all contingencies are taken into account. If you are wondering whether you should have an estate plan, you can learn more today by talking to an attorney. Here are some key advantages worth knowing.

  1. Plan for the future. What happens if you are ill and cannot make healthcare decisions? Your living will can or a medical directive can take care that concern. What happens to your assets when you die? You can have a Will or a living trust for that. Who will make financial decisions for you when you are incapacitated? You can create a durable power of attorney for finances for that. As you can see, an estate plan allows you to make room for all eventualities.
  2. Do what’s right for you and your family. People often assume that their loved ones will get their properties and assets after their death. While that is likely to happen, things are not the same for everyone. For instance, the outcome could be entirely different for someone with a blended family. Also, if you want to provide for people who are not your immediate family members or charities, you will need an estate plan.
  3. You can have a wealth transfer strategy. There is a limit to what you can give to someone as a gift. As such, estate taxes are often a point of concern for many families with considerable wealth. With an attorney in place and the right support, you can have a wealth transfer strategy that will ensure you save on taxes where possible.
  4. You can honor your philanthropic commitments. One of the big reasons why many people create an estate plan is to provide for charitable activities and causes close to their hearts. You can leave a share of your estate for certain charities, choose to disinherit a rogue child wasting your money and other things.

Finally, having an estate plan ensures that you retain control of your assets and everything you have. You don’t have to worry about the people who matter and your later life. You can even make arrangements for your funeral.

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