4 Reasons Estate Planning Is So Important

4 Reasons Estate Planning Is So Important

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Many authors have written concerning this particular topic. All in an attempt to explain its importance; many persons tag estate planning as something that is meant for the wealthy. This is not true. Even though you do not have a mansion or a Lamborghini ride to leave behind for your descendant, have you considered who is going to settle your debts when you pass? Or are you going to leave your debts to your family to settle when you die? This and so many other things are what your estate plan should cater for should in anything happen to you.

Everyone will choose to plan for a vacation, plan for a dinner, plan for a picnic etc. rather than planning ahead for their death. Of course it sounds funny to plan for one’s death. But is of high necessity to do so especially now that you are still capable of making decisions.  If you still have doubts about how necessary planning your estate is, kindly keep reading as I explain some points. I hope to convince you.

 4 Reasons for Estate Planning

  • Protection of young children:  A child below the age of 18 might be at risk of entry into the foster care system if he or she should lose both parents. It isn’t really the best idea for the court to decide who takes care of your little child should something happen to you or the other parent. The foster care system has a truck load of disadvantages. It has a way of affecting the child’s wellbeing. Nobody wants their kid to grow up in a foster care system. This reason is enough for you to plan your estate. In this case, the “will” part of your estate is very vital as your will states in it who to take over the care of your child in the case of death of both parent.
  • Save your heir from alarming tax payment: There are ways by which you can save your heirs from using half of their inheritance for paying taxes on the inheritance. You can decide to set up a trust whereby you choose a trustee who will be in charge of your estate when you are no more.

There is the revocable trust and the irrevocable trust. You can contact our attorneys today for consultation and guidance.

  • Protection of your beneficiaries: whether you classify yourself as a member of the middle class or a member of the low class, you must have people who will be beneficiaries of your will in as much as you have an asset to leave behind when you die. You will be doing these beneficiaries of yours a huge favor if you plan your estate now that you can. It will not be right for a beneficiary of your assets to spend half the value of the asset paying attorneys.

You could also save your beneficiaries the stress of having to wait for months and years before they can access the inheritance you left behind for them. Yes, it is very much possible for your beneficiaries to wait that long before they can gain access to your assets. This is when the court has to rule over the distribution of your estate.

Simply making an estate plan now can mitigate all these stress for your beneficiaries. And they will thank you for it.

  • Prevent family drama: this is a very common experience with many clients. At times even with a planned estate having the last will and testament of the testator, family members still have the feeling of disappointment and hurt. What then would you expect from a situation where there isn’t any plan in place on how the distribution of your estate should be done?

Your family will be put into chaos, dragging themselves to court, paying different attorneys, wasting time, hating each other, etc., all because you did not make an estate plan.

You can prevent all these from happening now that you are still alive and well by simply planning your estate with the correct documents included.

Now you have seen reasons yourself why it is important you make an estate plan. You will need the guidance of an attorney. Our attorney are available for consultation, hire, preparation of paper work, etc. do well today to contact us.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group.

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