To some people, the term estate planning may seem like it’s only for the rich, and you don’t have that many assets to begin with, why do it? Here’s why: it impacts your loved ones, even if you don’t have an enormous mansion, the most extensive IRA, or valuable items to leave behind. Here are three reasons for estate planning.
Estate Planning Protects Your Family and Prepares Them for the Future
To make sure that your kids are taken care of in a way that you have pre-approved and planned for, you will have to name legal guardians to look after them until they turn 18. If you don’t have a will in place, after you are gone, the courts will decide who gets to raise your children until they’re 18. Scary thought, isn’t it? All the more reason for estate planning
It Helps You Protect Your Beneficiaries
The main idea behind estate planning is to designate heirs to your assets and responsibilities. Let’s see; you have a sibling who’s more responsible than the rest. But since you did not have a laid-out list of beneficiaries, the court decided to hand over all your assets and cash under the custody of the least responsible sibling.
Helps Eliminate Family Drama After You Pass
One of the main reasons for estate planning is that since everything is laid out in the legal bill of the deceased, the surviving family members get little to no say and who receives what part of the estate. This helps prevent fights before they even begin.
Bonus Reason For Estate Planning: Protection for Your Heirs From the IRS
Crucial to estate planning is the hassle-free transfer of all the assets from your account to your heirs. This creates only a little tax burden on them. Rather than a lot.
Estate planning is an overall crucial part of taking control of your assets. To know precisely what estate planning is, you can find out here. And if you wish to schedule a consultation with someone with years of experience, book a consultation with Mark Weseman.