Why do You Need Estate Planning?
It is very tough for the close ones to discuss the estate litigation procedures after their loved ones pass away. Everybody wants the processes to be simple, non-expensive, and lesser stressful and quick. But most individuals fail to take the necessary steps at the right time. With no last wills or testaments, estate succession becomes immensely chaotic. You need proper estate planning because you do not want your loved ones suffering after your death. So here are the reasons as to why this kind of planning is important:
Distribute the assets to intended beneficiaries
It is you who must decide the percentage of asset distribution and so it should not be left at the court’s jurisdiction. This holds true irrespective of the size of your house or property, how large your portfolio of shares is and the quantity of jewelry you have with you. Prepare a legally executable asset plan to ensure that your assets end up with the ones whom you intend them to.
Protect your own needs
Estate planning focuses on your asset distribution among people you want after you are gone. But it needs to be planned in such a way that you are taken care of when you are still alive. There can be times when you become incapacitated and you are unable to look after yourself. In such times, you must nominate a trusted individual who would be managing all the medical and financial aspects for you. They must also look after your cash flow and insurance needs.
To protect younger families
If you are dying earlier than your time and if you are leaving back a young family behind you, estate planning is very necessary. The young children would be left in financial difficulties and without the right documentation, their future might be jeopardized. If both the spouses have passed away, the children can still be protected by naming them as legal guardians for their welfare and upbringing.
To save taxes for your beneficiaries
If you are not planning the inheritance, the taxes can be massive. Keeping this in mind, you can consult with professional estate planners and prevent your heirs from hefty tax bills. With an experienced professional by your side, you can reduce income and inheritance taxes and set up trusts.
Litvack Dessureault LLP estate law firm is the pioneer in estate planning and resolves all related issues with diligence.