The fact that estate planning is highly important for every individual can never be over-emphasized. There are so many benefits derived from creating an estate plan and that is what we shall be looking at in this blog. The bottom line of the matter is that without an estate plan in place, you won’t get to decide what happens to your estate, and your family might be thrown headlong into crises after your death. If you live in Paramus, New Jersey, then you can hire the estate planning attorney Paramus, NJ to help you with your estate plan.
So what are the important reasons why estate planning is a must?
1. It gives you the chance to decide who inherits your assets
With an estate plan in place, your wishes are clear and these are what will be followed when you die. You get to choose your own beneficiaries. You can decide to give to charity, a loved one, and even a non-relative. But when you do not have an estate plan in place, the state law binding your area of residence will be used to decide who benefits from your estate and only your spouse and kids are eligible to inherit by New Jersey state law. So if you have someone, a friend, charity organization, or any other non-relative who you would like to benefit from your estate, then estate planning is a must.
2. Through estate planning, you can avoid probate
Probate is a court process used in determining the authenticity of a written will after the death of the testator. This entails valuing the estate, paying estate bills and debts, and then disbursing the assets according to the will. If there is no estate plan, probate will still be done, but according to the court’s decision. Problems often arise among family members in such a scenario since they may not get what actually is due to them.
Probate often gets very complex and costly. It can also delay the time taken for your loved ones to inherit your property. By proper estate planning through the use of trusts or joint ownership with your spouse, your loved ones can inherit your property immediately you pass away without having to first go through probate.
3. You get to appoint a guardian for your young ones
Although displeasing to think about, tragedy can happen anytime and your minors would be left with no parent. If this happens, then the court gets to decide who takes care of your children. If you do not want the court to decide for you, then you have to decide for yourself now by naming in your will a trusted guardian.
4. Estate planning helps you avoid family feuds
When there is no plan is place before your death, your estate is said to be intestate. This makes the court a judge over what happens to your estate, and your family likely would not be pleased about how things play out. If a family member thinks they have been treated unfairly, they can go to court and cause disharmony within the family. But when your wishes are stated in your estate plan, this is what will be followed regardless.
5. Estate planning helps you save costs
Through estate planning, you can minimize taxes imposed in your estate. Married couples can avoid taxes by creating AB trusts. The estate planning attorney can always help you do this.
6. Protects you against creditors
Asset protection is an important aspect of estate planning. Through proper estate planning with your attorney, you can put your assets out of the reach of creditors. Those seeking to inherit where they do not sow may likely come forward to file a suit against your estate, but estate planning prevents them from getting their hands on your property.
7. Estate planning ensures that your assets are kept within your family
When you die and your spouse remarries, your property becomes jointly owned by their new partner, and your own child[ren] may get nothing from your wealth. You can avoid this through proper estate planning.
8. Estate planning offers you general peace of mind
There is a lasting peace of mind that comes knowing that your wishes and desires concerning your assets and family have been put in place. You are guaranteed that your loved ones will get what you want for them, and that they’ll be well taken care of and protected even when you’re no longer with them.
All these come with estate planning. So why not create an estate plan now? The estate planning attorney in Paramus, NJ, is just a phone call away and ready to listen to your needs. Contact the estate planning attorney today.