The Value of Estate Planning
When you need a lawyer in River County FL Lulich.com can help. Now there are many reasons you may need to hire an attorney. One of the first that comes to mind is an auto accident or some other type of injury such as a work injury of falling in a store. However, there are other vital roles an attorney can play in helping you manage monetary concerns. One of the most important ones is estate planning. Many people overlook estate planning due to how morbid the topic can be but without it, you can’t control what happens to your assets when you pass on. With estate planning, you can control who gets what and ensure your heirs are well cared for. Here are some reasons to consider hiring an attorney for estate planning.
Four Reasons Why Estate Planning Is Important
- Protect Your Heirs: it is a common misconception that only really rich people need estate planning. This is not the case as most people have something they want to pass on to others. This can include possessions, stocks you own, a home, and other things you consider valuable. Without proper estate planning, you have no control over what happens to these items. With estate planning, you clearly define what happens to the things you own. This can prevent issues such as long-drawn-out fights and arguments between your heirs. Remember the court doesn’t know the little details of your life or your relationship with your family. By having everything in place, you can consider all the important factors when deciding who should receive what items from your estate.
- Protect Young Children: if you have young children, one aspect of estate planning that can be very important is the will aspect. In your will, you can designate who should serve as your children’s guardian if you and your spouse should pass away while they are underage. This lets you control who should raise your children if something unpredictable should occur. Naming a guardian keeps your children safe and ensures they are cared for by someone you trust.
- Reduce Fighting: sadly, family members fighting over an estate that has been left without a clear estate plan is common. These types of family fights can get very ugly and go on for years and many end up in court. In addition to years of court battles, such disagreements can do long-term damage to family relationships. With an estate plan, you can name who gets to be in charge of the estate, who should receive what amount, and set up personalized plans for each of your heirs to fit their specific needs.
- Reduce Tax Burden: your attorney can help you plan your estate most efficiently from a tax standpoint. This can help reduce the amount of taxes your heirs are charged by the IRS when they receive an inheritance. With proper planning, you can reduce this financial impact and save your heirs a good deal of money.
As the above list shows planning your estate can prevent a wide assortment of problems you don’t want to leave your heirs to deal with. By hiring an attorney and planning your estate out you can make the whole process a lot smoother and reduce frustrations and fighting among your heirs.
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