Why You Need an Estate Plan
Top Five Reasons Why You Need an Estate Plan
Comprehensive estate planning services have proven advantageous in an array of separate circumstances. If any of the following scenarios currently apply to your life, it may be time you sought out the help of a skilled attorney. Allow a trained professional to handle all matters of estate planning, and you’ll undoubtedly start to notice the benefits.
1. Avoid Probate
Avoiding probate is a common reason why some folks opt to work alongside an estate planning attorney. Though many people don’t retain much firsthand experience dealing with probate, they know one thing – it should be avoided at all costs! This reputation is well deserved, and generally derived from the various horror stories offered by the media or conveyed by friends and neighbors. By creating a thorough estate plan, you’ll generally be able sidestep many of the various pitfalls that come bundled with probate.
2. Lower Estate Taxes
A large section of Americans fear that they might lose a significant portion of their assets after being forced to pay state and federal estate taxes or state inheritance taxes. By performing a basic bit of estate planning, however, married couples can significantly cut back on the amount they’re required to give to the government. This can generally be achieved by establishing AB Trusts or ABC Trusts as part of their wills or revocable living trusts.
3. Evade Messy Confrontation
The advice of a skilled attorney can do much to streamline the entire estate planning process. Family members, business partners and separate beneficiaries will often waste large amounts of time squabbling over possessions if an adequate document hasn’t been set in place. Opt for a level-headed lawyer to take charge of your affairs, and all involved parties will receive the proper assets and possessions in a prompt and efficient manner. It’s really that simple. Skilled estate planning attorneys leave nothing up to chance.
4. Protect your Beneficiaries
Some folks create an estate plan to protect minor beneficiaries and adult beneficiaries from bad decisions, negative outside influences and creditor problems. If the beneficiary happens to be a minor, it’s required by law that a guardian or conservator is selected to oversee the child’s needs and finances until the beneficiary becomes a legal adult. By establishing an estate plan, many families are able to ultimately avoid personal discord and costly legal expenses.
5. Avoid the Threat of Unforeseen Creditors
Asset protection planning has started to become a growing trend amongst many Americans, including those who’ve already established a set estate plan. Once you suspect that a lawsuit is looming on the horizon, it may already be too late to construct a document which will adequately protect your assets and possessions. Just to be on the safe side, it’s suggested that you develop a sound financial plan that comes bundled with a bulletproof estate plan. By establishing each of these factors, you’ll be able to protect your assets throughout your lifetime. By taking advantage of AB Trusts and ABC Trusts, you can even provide protection for your spouse and each of your other beneficiaries. Lifetime trusts certainly present an option that’s worth exploring.
