Everyone has a form of estate, whether it’s a home, car, checking and savings accounts, furniture, investments, real estate, and other personal possessions. From large assets to small, they are still possessions that matter to you and your loved ones and unfortunately you can’t take these things with you when you pass away. So that is why it’s good to have an Estate Plan before that happens. Here are 5 benefits to let you know the importance of an Estate Plan.
Your family’s security
Your family could be left in a limbo and maybe they can afford to pay their living expenses or other bills. An unexpected death could cause financial strains in the future leaving your family waiting to receive your assets and also with less. If you are prepared with an Estate Plan you will be able to provide for your family once you’re gone.
Reduce your taxes
There are many ways to reduce your taxes with good Estate Planning. You can remove some assets before you die as well as purchasing life insurance to replace the assets that you may have given to charity. If you were married, you could use both estate tax exemptions. The main goal here is to start now than waiting until the last minute.
Protect your children
If you have children, then you know that they are your most valuable asset. The thought of having anything happening to them while you’re alive is already overwhelming, but imagine not knowing where they can end up after you’re gone? Who will be left in charge of them? Where will they go? Without an Estate Plan, the final decision could be up to the courts. No one wants a judge to be the one that chooses where your children might end up without the consent of your spouse and yourself.
Free your family from making hard decisions
Your family could be rescued from a burden that they may not be ready for when it comes to deciding when to pull the plug on you or a spouse. In your Estate Plan, you can plan in advance how you want your life to end and the kinds of arrangements you want made. The decision should be yours.
Help out a charity
Did you that you can donate some of your assets to charity? Even though you might trust family member to donate certain assets to charity, it is wise to have it set in actual stone with an attorney. They will make sure that your assets will be distributed correctly to the cause that you want to help out. You can leave this earth knowing that you made a positive difference in someone else’s life.
At the Law Offices of Julia M. Williams, you can guarantee that you will receive an Estate Plan that will benefit the people you care about in the future.