The idea of planning for your own death can be frightening for many people. However, it’s a reality that everyone must deal with. That’s why estate planning is such an important task for us. We want our families to be set up when we pass on and help them deal with the grieving process without having to deal with a bunch of legal and financial work. A great estate planning attorney can help your last wishes come true and ensure that your family is provided for in the event of your untimely demise. The benefits of an estate plan are numerous. Let’s take a look at why you need an estate plan below.
1. Help Provide for Your Family
We want the best for our families, and an estate plan can certainly help us provide for them after we are gone. If you don’t have an estate plan, your family will get fewer assets and it will take much longer for them to receive them. This can add stress to your family members and even cause them to quarrel with other family members. Instead, you should work with an estate planning attorney to set your family up for when you are gone.
2. Reduce Your Taxes
Would you rather pay the government or have your family receive the money when you pass away? With a great estate plan, you can minimize your tax burden and help your family members receive the maximum amount of money. Working with an estate planning lawyer can help to get more money to your family instead of paying taxes, which is a great reason to pursue estate planning.
3. Help Your Family Avoid Difficult Decisions
Imagine what it would be like for your family members to have to decide whether or not to keep you in a coma or to let you pass on? If you create an estate plan, you can provide details in your will about what to do in those types of decisions so that your family doesn’t have to make those burdensome choices on their own. It’s your life, so why not put down how you want to proceed in life or death situation in a legal manner?
4. Send Money to Charity
If you want to outline philanthropic intentions for your assets, you need to have an estate plan that details everything clearly. The sooner you start to plan, the better. You can tell your family and estate planning lawyer which causes you would like to support and how much you want to support them. You can set up a charitable trust or a family foundation to create a positive legacy long after you are gone.
Creating an estate plan is absolutely essential if you care about your family and want to make sure all of your wishes are upheld after you pass away. Remember that you can always reach out to Derryberry & Associates LLP for help with all of your estate planning needs.