As human beings, a lot of us just don’t like to think about the fact that we’re bound to pass away someday. Our fear of mortality often keeps us from making arrangements for our estate after our eventual passing. This is a grave mistake to make because estate planning might just be the most important legal decision you will ever make. Here’s why:
1. Secure Your Wishes
An estate plan can protect your wishes to manage your assets while you’re alive and dispose of them exactly how you want after you die. It is also functional for any severe accident you may get into that would render you incapable of making sound decisions. You can include post-retirement insurance in your estate plan to ensure that your needs will still be taken care of once you stop earning.
2. Protect the Right Beneficiaries
A will can be written to allocate your assets to the right beneficiaries. It helps ensure that the people who you want your assets to go to are the ones actually given rights to them. Your estate plan will ensure that your heirs are exactly who you want them to be and not assigned by the court against your unspoken wishes.
If you pass away without leaving behind a will, the court will distribute your assets to beneficiaries on your behalf and this may create issues within your family. Protect your loved ones and family members by writing a will with the guidance of a probate attorney. An estate plan can distribute your wealth to financially assist your family and even let you appoint some guardians of your choice for your children to be taken care of.
4. Reduce Transfer Tax Burden
If you wish to transfer some property or assets to loved ones in your family after you pass, there will be transfer taxes and expenses attached to it. The IRS has guidelines for property transfers. You can work with an experienced estate planning attorney to figure out a smart transfer plan and reduce the tax burden on your beneficiaries.
5. Support a Cause
You can set up charities or donate some of your money to funds of your choice so that even after you pass away, you can support any cause you care about.
We are a full-service law firm in Reno, Nevada. We specialize in a wide range of law functions such as probate, estate planning, family law, personal injury, etc. Our team of expert attorneys can provide you legal aid and guidance. Learn more here.