Many of us begin the new year with resolutions and hope for a better future. However, if you do not have an estate plan in place, the future might not be so bright for those you care for. Even if you are young or particularly healthy, an estate plan can provide a sense of security in an uncertain world. Your family will have enough hardship to deal with in the aftermath of your passing, so take the time to make a plan that can spare them further grief.
The Benefits of Estate Planning
Estate planning is not only for the wealthy. Whether you have multiple properties and a business or a home and aa 401(k) plan, an estate plan can simplify matters for your family. Moreover, an estate plan will also reduce taxes on the assets you leave behind, saving your beneficiaries money.
Below are some additional benefits you and your beneficiaries can obtain through an estate plan:
- It will safeguard your beneficiaries: When something happens to the primary breadwinner in a family, it can leave a family in turmoil. Without an estate plan in place, a court will decide who receives which assets, which can potentially lead to an ugly and expensive battle. Instead of leaving things up to chance, create a safety net for the ones you love.
- It will protect your underage children: Although many of us generally associate estate planning with assets and property, an estate plan can also protect your children. You can name a guardian who will care for your children in the event that you pass before they turn 18.
- It will save your beneficiaries money: Estate planning is about more than just preventing a fight from erupting over your assets and property. It can also reduce taxes all or most of your heir’s federal and state estate taxes as well as their state inheritance taxes. Without an estate plan, they might end up losing a substantial amount of their inheritance to taxes.
- Avoid the probate process: The probate process is often time-consuming and costly. If you have an estate plan in place, however, your heirs will not have to spend a considerable amount of time in court nor will they have to pay the pile of fees associated with this process.
It is impossible to know what the future holds, but one thing is for sure – it will be a lot better if you prepare for it.
Get Started on Creating an Estate Plan Today!
Start the year off right and get your affairs in order by creating an estate plan to protect your family’s future. At Weldon Law Group, PLLC, our knowledgeable attorney has more than a decade of experience in helping individuals create effective estate plans. He will work with you to ensure your goals and needs are met, so you can rest assured your family will be cared for even in your absence.
Get started by contacting our law office today at (904) 712-2556 to schedule a free initial case review and learn more about how we can assist you.