7 Reasons Why Estate Planning is Important in 2023
The trend in 2023 is for everyone to set up plans that guarantee the welfare of both themselves and their loved ones. Estate planning comes top on the list of these plans.
It is unsafe to leave yourself vulnerable to unforeseen circumstances. Without an estate plan in place, all of your assets are likely to be in dispute after your demise. And, if the situation gets out of hand, authorities will step in and direct that your assets be split according to the laws of the state.
Attorneys specializing in estate planning will provide all the help you need to ensure that your legacy is protected. And, in the event of your demise, all your wishes will be duly observed; only those you deem fit will get a part of your assets.
Here are seven compelling reasons why estate planning is so crucial in 2023.
Protecting your assets
The primary reason people get estate plans is to protect their assets. With proper estate planning and guidance from the right attorney, you can keep your assets away from lawsuits, taxes, and even creditors. This plan would cover your trusts, wills, and other legal documents that will ensure your properties are distributed according to your wishes when you pass on.
Planning for incapacity
With this process, you can legally appoint a caregiver to make all your financial and medical decisions. This framework is a cautionary step for the eventuality of your incapacitation due to illness, accident, or age-related incapacity. The individual that you choose must be a trusted person; you must be 100% certain that they have your best interests at heart.
Avoiding probate
Probates can tie up your assets for months and even years. Your benefactors do not need to go through the expensive and time-consuming process of recovering your assets. Proper estate planning will ensure that your assets pass to your heirs without going through probate. There will be no disputes, and your wishes will be followed to the letter.
Safeguarding your children’s future
A clear estate plan ensures that your children’s future will not be jeopardized. Your attorney will see to it that they receive all the inheritance intended for them. Anyone who tries to contest these properties under the guise of a caregiver will face legal penalties.
Minimizing taxes
An estate plan can also help reduce the taxes you accrue on your assets. This way, none of your benefactors have to deal with significant tax implications. Also, estate planning can help you take advantage of tax-saving strategies, such as gifting and charitable donations.
Naming guardians for your children
Your estate plan will ensure that your children will be taken care of in the event of your untimely death or incapacity.
Failing to name a guardian can lead to custody battles and prolonged legal proceedings. All of these processes will compound the children’s grief.
Avoiding family conflicts
Without a clear estate plan in place, your relatives might stage a war where ‘the winner takes it all.’ Since you will be absent, your attorney can present your estate plan, which will curb any possibility of disputes, rifts, and hurt feelings.
Conclusion
Estate planning is not just for the wealthy; it’s for anyone who wants to ensure their assets are distributed according to their wishes. With the help of an estate planning attorney, you can rest in the great beyond, knowing that the fruits of your labor are in the right hands.
