Plan Your Estate in Advance! Here's Why You Should Get Estate Planning Services

Often people spend more time deciding where they'll go on vacation, choosing a car, or choosing a restaurant for dinner than they do planning their estates-deciding how their assets will be divided up after their deaths. You cannot choose who gets the things you worked so hard for without estate planning services, even though it may not be as fun as booking a trip or reading restaurant reviews.

You don't need to be rich to plan your estate. Even if you don't have a home worth a million, a large IRA, or valuable art to leave behind, your affairs will be settled after you pass on, and it could be a costly process. Having a will is not enough? You should consider these four reasons to leave one to your heirs, and avoid potential years of suffering.

1. Plan Your Estate To Protect Your Beneficiaries

In the past, estate planning, and consulting a probate lawyer was a luxury reserved for the wealthy. Today, that is no longer true. Families of middle-classes need to have plans when their breadwinner dies. Stocks and real estate are both assets that you can pass along to your heirs, so you don't have to be incredibly wealthy to do well in them.

The people who inherit the second home you leave behind will have no control over what happens to it unless you decide who will receive it when you pass away.

Estate planning is about deciding who will inherit your assets, including anything from a summer house to a stock collection. Courts will decide who gets your assets if you don't have an estate plan, a lengthy and often expensive process. As a matter of fact, a court has no idea which sibling is at fault and should be restricted from access to money. The courts will not automatically award everything to the surviving spouse.

 In the event you die without a will, an important element in an estate plan, the courts will decide who receives your assets. 

2. Estate Plans Protect Young Children

Although nobody thinks of dying young, it's important to prepare for the unimaginable if you have children. In an estate plan, this is where the will portion comes in.

In the event, both parents die before their children turn 18, you'll need to name guardians who will look after your kids in the manner you approve. It will be the courts who decide who will raise your children without a will that names these guardians. Thus, rather than waiting for the ugly to unfold, consult a will and trust attorney.

3. Estate Plans Protect Beneficiaries From Steep Taxes

Protecting your loved ones are the essence of estate planning, which in part means protecting them from the Internal Revenue Service (IRS). A key component of estate planning is transferring assets to heirs while minimizing their tax burden.

It is possible to reduce all or part of federal and state estate taxes and inheritance taxes with just a little estate planning. In addition, beneficiaries might be able to reduce the taxes they pay. It is quite possible that your heirs will be burdened with a large tax bill if you do not make a plan.

4. You Can Avoid Family Messes By Having An Estate Plan

It's a common tale that we've all heard. A family member with money dies, causing family members to fight. You may have one sibling who thinks they deserve more than the other or one sibling who thinks they should handle the finances despite the fact that they're notorious for racking up debt. A family feud can turn ugly and even go to court, pitting family members against one another.

One more reason why an estate planning service is necessary is that it can prevent fights before they begin. Having these documents in place will relieve any family strife and ensure that your assets are handled as you intended if you become mentally incapacitated or die.

Furthermore, it will guide you in providing for children with medical problems or in setting up a trust for the benefit of one who might not deserve to inherit a lump sum. This can benefit those who cared for you most during your later years or those who supported the education of one child while paying less for another. 

Making a decision, whether your estate should be split exactly equally, is one of the most important things you have to do. If you were married to more than one spouse and/or had children from multiple families, having an estate plan is very important.

In A Nutshell

You will need an estate plan and a qualified estate planning attorney if you want to protect your assets and your loved ones after you are gone. If one is not included, your heirs could face significant taxes and your assets may be divided by the courts-and even who raises your children may be determined by the courts. You can anytime get in contact with Campton Law. They can help you get the best attorney for your estate planning.