3 Key Benefits Of Proper Estate Planning
If you have children or grandchildren, you should consider estate planning. But even if you don't have children or grandchildren, estate planning is still vital because it helps ensure that the person you choose controls your assets. An estate lawyer can help you create legal documents to make sure your desires are carried out. Read on to know the three key benefits of estate planning.
Protects Assets From Fraud
Planning will allow you to specify who will take care of your assets after you pass away. By naming an executor and acting as the personal representative of your estate, you can ensure that someone trustworthy has legal authority over all your property. If someone who is not supposed to inherit your assets tries to do so, the individual with the power of attorney over your possessions can contest the claim through a lawyer and preserve your estate for both living survivors and beneficiaries.
Moreover, it will allow you to specify how much money or property you want to leave for your heirs. Through the help of a lawyer, you can divide your assets into different parts and specify the exact amount that each beneficiary should receive. You can also use an attorney to help appoint a guardian if something happens to you before your kids become adults.
Saves Beneficiaries From Tax Burdens
Planning and crafting a trust or will can help you avoid tax burdens for your family. With a valid will in place, your spouse will inherit your estate without incurring any federal estate taxes if you die. This can be a huge benefit, especially if you have children or other beneficiaries who are not married at the time of your death. But if you pass away without a will in place, your entire estate value could go to probate court and become subject to hefty legal fees before being divided between your family members.
Eliminates Family Disputes
Estate planning can help avoid family disputes over who gets what after you pass away. This process provides clear instructions to your heirs on how they should receive their inheritance, which eliminates any confusion or conflict. A lawyer can help you draft a will to list who gets what and when they should be given their inheritance. This will allow everyone to plan for their financial future accordingly and make it impossible for creditors to seize your property if you're sued after your death.
Estate planning is a crucial step you should take if you want to secure your future and that of your family. Working with a lawyer who understands the legalities of this process can make it stress-free.