We all want to make an impact while we are around. We inevitably collect things we can’t take with us no matter how we live. Luckily for us, we live with the freedom to distribute the rewards of a life well-lived after our passing, and the process of designing this transfer is known as Estate Planning.
Estate planning is not simply for the elite—planning for the continuance of our projects in death means giving your assets over to those who will continue your vision, even if that looks like giving them the freedom and tools to accomplish their happiness. In death, we can provide fully without fearing reserving for our own needs: a frightening truth, but a liberating one.
For those who do not have an estate planning strategy, you open up your beneficiaries to more problems and ultimately reduce the amount you can pass on to your loved ones or charities. This blog will outline the consequences of poor estate planning, or worse, none at all.
The first question you may ask is, “do I need an estate plan?” Even if you think you have little to give, the answer is always yes—an expert estate lawyer can help you envision the impact of giving and maximize the value of your bequeathments.
Still not convinced? Let’s look at a few considerations you may not have known about when first exploring the estate planning process.
Give Yourself Peace of Mind
Planning for your own death can be like cleaning—only after you stop putting it off will you realize how calming it is.
Death is a mystery to us, but finances are not—they are real and part of our everyday lives. So too is death, and facing it with practical steps may help some feel more at peace with the process.
Even if you are unsure of where you go after death, you can feel comfortable knowing that you are giving as much as you can to those who you wish to. It is small consolation but a meaningful one in the face of a much larger question.
You Can Skip Probate Court
Probate court famously takes a long time while stripping valuable assets from your estate. The process involves a court-appointed team dividing your debts and assets while interpreting your will. With a strong estate planning strategy, you can avoid these lengthy and costly processes while ensuring your heirs receive what your will has promised them.
A court should not deem where your belongings end up—it should always be your will that decides. Furthermore, estate planning helps eliminate the bickering and contestations that can sour a family member’s passing.
Estate Planning Reduces Estate Tax
Joint trusts and ego trusts will help lower or, in some cases, entirely eliminate taxes placed on your estate. Having more money in your estate means more you can distribute to family or charity as you see fit. The process is more straightforward than many think—simply find a qualified law professional to walk you through the steps.
When you skip probate court and estate taxes, the savings are immeasurable, and your will can be enacted fully. When you open your will to estate tax, you will never know how much is left to your family.
Estate planning allows the state and surviving benefactors to honor your final will as you saw it fit in life. Bringing that peace with you to the grave is a large part of why we chose to specialize in estate law.
Our process is sympathetic, discreet, and built to suit your needs and vision. When you are ready to begin the death planning process, contact our team to get started on a more secure future for your loved ones.