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Reasons Why Everyone Should Have an Estate Plan Not many people take time to plan about inheritance of 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 a concern for the wealthy only since lack of a clear succession strategy can negatively affect the loved ones you leave behind even if you do not have an expensive house, a huge investment, or a lot of money to be inherited. 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: Ensures Your Assets Go to the Right Beneficiaries
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Provided that you have a family (children, wife, or other dependents) and assets worth anything, you need an estate plan to have a say over who gets to inherit these when you pass away. 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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Safeguarding the Well-being of Families With Young Kids Nobody is eager to contemplate their own premature death, but if you have a family with small children, preparedness for the unthinkable is advised. Regarding this matter, you’ll rely on your will to assign guardians for your under-18 children should both parents die, ensuring that their welfare is guarded in the way you wish. The matter of who will raise your children when you die will be determined by the courts in case you don’t decide it in a will when you’re alive. Prevent Over-payment of Taxes Your heirs won’t have to pay excessive taxes when you have a proper estate plan. An essential aspect of your arrangement should involve passing on property to named heirs with a view to coming up with the lowest tax obligation that’s legally viable. Clever estate planning can significantly reduce or eliminate federal and state estate taxes. Avoidance of Family Disputes Conflict among family members is highly possible when a wealthy member dies without a will. In the absence of a will that stipulates who inherits what after you’re gone, a child could claim more assets than other, or they may want to manage finances at the expense of others despite opposition from the other surviving family members. This feuding may make its way to the courts, with family members opposing each other. Estate planning helps avoid family disputes by stipulating your heirs in a legally enforceable way. To protect the welfare of your loved ones, start estate planning now.