Estate Planning: What Is It and Why Do You Need It?
Estate planning includes much more than a will, and there are many benefits of an estate plan. Read about how an estate plan protects your family and more.
What is Estate Planning? Have you been hearing suggestions about estate planning lately? As you get older, it's expected that you'll develop an estate plan. But what is estate planning, and why should you care about it?
Anyone who wants to be financially responsible and take care of their loved ones after they pass should invest in a good estate planning attorney. If you're not sure whether or not it's right for you, we're here to offer a brief guide.
Keep reading to learn all about estate planning.
What Is Estate Planning?
When many people think of "estate planning," they assume that it's only for the rich and famous. In reality, everyone can benefit from estate planning, even if they think that they're too young.
Your estate, no matter how humble, contains all of your assets and belongings. Any stocks, bank accounts, valuables, insurance, investments, and other possessions are all part of your estate.
What is going to happen to those things when you pass away? Do you want some control over who gets what? Do you want to ensure that you're not leaving your family with unexpected bills or battles over your property?
Estate planning is what allows you to take control of your assets before you pass. An estate planning lawyer will help you get your affairs in order.
They can help you with things like:
- Minimizing taxes and fees after your death
- Arranging guardianship for minors
- Setting up disability income insurance
- Developing trust funds or creating a revocable living trust
- Providing for family members
- While estate planning is initially for you, it ends up being for your loved ones as well.
What Are The Benefits of Estate Planning?
With all of this in mind, you might be wondering whether or not hiring someone to help with your estate planning is worthwhile. Trust us, the benefits are clear.
Did you know that your loved ones may have to pay taxes on whatever wealth you bestow upon them? It's true, there are taxes on inheritances, and they may be an unwelcome surprise to your beneficiaries.
When you have an estate planning attorney help you, they can minimize the taxes that your loved ones will have to pay after your death.
Estate planning also helps your beneficiaries avoid disputes and allows your wishes to be followed even after your death. While your will is one of the primary factors, your estate plan still matters. Avoiding probate is something you should consider as well.
While it isn't uncommon for families to fight despite a clear estate plan, you may still be able to stop some squabbles before they start. It's hard to dispute estate plans, so your assets will go to your desired beneficiaries without a problem.
Hire The Best Estate Planning Attorney Around
So with this in mind, is it time for you to start your estate plan? Estate planning might seem like a lot of work, but with the right estate planning lawyer, it will be no problem. You'll get the peace of mind that your affairs are in order long before you pass away.
If you're ready to start planning your estate, we want to meet you. At Citadel Law Firm, we aim to help you set up your estate with ease. Contact so we can start working together today, call (480) 565-8020 or click here to schedule your free estate planning consultation.