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Three benefits of creating an estate plan

As people get older, they naturally think more about the legacy they will leave behind. You might also think about what assets or property you are going to leave behind as well. However, unless you have an estate plan in place, your strategy to provide for your children and grandchildren may not go as you intended. Without this legal document in place, your heirs will not receive what you specifically set aside for them.

Why should I have an estate plan?

Given that only 32% of people have an estate plan, one might think they are unnecessary. This could not be further from the truth. Here are some benefits of having an estate plan in place:

  • Providing for heirs: Preparing for unexpected accidents can set up your offspring for future success. If something tragic were to happen to you or your spouse, who would provide for the children? In your will, you can designate who the children’s caretaker will be. If your children are older, then your will might simply be a blueprint on how to split up your assets. Without this document, the courts will have full authority to divide your assets.
  • Avoiding taxes: Another major upside to having an estate plan is helping your family avoid taxes. Certain strategies can protect your heirs from having their inheritances taxed by the state and federal government.
  • Evading family issues: Creating your plan ahead of time will allow you to think carefully about how much you wish to give to each beneficiary. If you don’t have a plan in place, your family may argue relentlessly to get what they think they deserve. Simply having a plan can help you evade these potential arguments.

Protecting and providing for your children is likely at the top of your mind. Proactively planning can help ensure that your offspring is set up for success in the future. If you have any questions or need additional guidance when going through this process, it might be beneficial to reach out to an experienced attorney.

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