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Estate Planning: Why It’s so Important Many people may dedicate more time planning a dinner out or a trip than they will planning who will get their assets. Yes, estate planning may not be as enjoyable as checking hotel reviews or booking a vacation, but without it, it’s not possible to decide who receives all you’ve really worked hard for. Estate planning is not meant for the rich only. Without an estate plan, there might be a long-term impact on your family, even if you have no large investment account, pricey home or valuable piece of art to hand down. If you aren’t convinced that estate planning is important, here are four reasons why it’s very important to plan your estate before you pass on. Stops unintended beneficiaries laying their hands on your estate
Short Course on Estates – What You Should Know
Estate planning is important not just for the rich but also the middle class. After all, you need not be extremely rich to prosper in the real estate or stock market fields, both of which generate assets you’ll want to hand down to your inheritors. Even if you only have a second home, if you do not decide who gets the property when you pass on, you won’t have any say on who gets the home.
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Protects families with little kids If you have young children, you should be ready for the unthinkable. To make sure your children are looked after how you want it, be sure to name their guardians in case both of you die before the kids are 18. Otherwise, the courts will step in to determine who’ll raise your kids, not who receives a piece of artwork or real estate. Stops heirs overpaying taxes Estate planning is really about looking after your loved ones, which means somewhat protecting them from heavy tax hits. Transferring assets to inheritors with the aim of creating the easiest possible tax burden is fundamental to estate planning. Even with a bit of estate planning, partners can bring down all their state inheritance taxes, as well as federal and state estate taxes, which may be very high. Without a plan, however, your heirs will owe the government quite a lot of money. Eliminates family troubles after you pass on We’ve all heard about family wrangles that take place when somebody with money passes on. This fighting can take a turn for the worse and wind up in court, with relatives taking on one another. This is yet one more reason why it’s essential to have an estate plan. This will let you decide who controls your estate should you become mentally incapacitated or pass away. It’ll also help a lot in quelling any family conflict and making sure that your estate is handled in the manner that you want.