Why Estate Planning Is Important for Everyone Few people find it important to have a succession plan for their estate. Without estate planning, you give up the right to decide who takes up ownership of your estate when you’re no longer there, however. Estate planning is not an issue for just the rich–even if you do not own a pricey home, a massive business, or a lot of money to pass on, not having a succession plan could have a permanent impact on the family you leave behind. If you’re yet to be convinced about the significance of having a succession plan, the reasons below may motivate you to get in touch with your estate planning lawyer right away: Ascertains Your Estate is Inherited by the Right 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. You may own shares or another home, but stipulating heirs for your possessions gives you more control than the courts, and this eliminates the need for a possibly confrontational and prolonged court battle.
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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. In this case, you’ll use your will designate guardians for your under-18 kids in the event of the death of both parents to determine that their welfare is taken care of in a way that you’re satisfied with. The courts will have to step in and decide who will raise your kids in your absence if you don’t stipulate it in your will while you’re alive. Avoiding Overpaying Taxes Thanks to estate planning, you can guard against your heirs paying too much taxes. An important part of your plan should entail transferring assets to named beneficiaries with a view to creating the lowest tax burden that’s legally possible. You can avoid or appreciable reduce state and federal estate taxes through a carefully prepared estate plan. Elimination of Family Feuds Disagreements among family relatives of a wealthy person that has died without a will are very probable. 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. This feuding may make its way to the courts, with family members opposing each other. Such family feuds can be avoided by estate planning that designates heirs in a legally enforceable manner. Embrace estate planning now to guarantee the well-being of the dear ones in your life.