One focus of my law practice is Estate Planning, which can have a long-lasting impact on your loved ones. Consider these four reasons why you should have an estate plan, in order to protect your family.
1. Prevents Wealth From Going To Unintended Beneficiaries
Without an estate plan, the courts will often decide who gets your assets, a process that can take years. After all, a court doesn’t know which sibling has been responsible and which one shouldn’t have free access to cash. Nor will the courts automatically rule that the surviving spouse gets everything.
2. Protects Families With Young Children
Nobody thinks of dying young, but if you’re the parent of small children, you need to prepare for the unthinkable. In order to ensure that your children are taken care of, in a manner that you approve of, you’ll want to name guardians. Without such a will, the courts will again step in.
3. Spares Heirs A Big Tax Bite
Estate planning is all about protecting your loved ones, which means in part giving them protection from the IRS. Even with just a little bit of estate planning, you can reduce much of their federal and state estate taxes or state inheritance taxes.
4. Promotes Family Harmony
A Power of Attorney will enable you to choose who controls your finances and assets if you become mentally incapacitated. A Will ensures that your assets are handled in the way that you intend them to be after your death.
Good Estate Planning is the best protection you can offer your family.
Call me 636-462-2170 to make a complementary half-hour appointment to discuss your estate plan.