There are more compelling reasons than ever to undertake estate planning, or a range of preparation tasks to manage one’s asset base in the event of incapacitation or death. These reasons go beyond the mere purpose of bequeathing assets to heirs and settling estate taxes. Here are some benefits of estate planning with the help of a highly qualified and experienced attorney: Image source: Pixabay.com No one wants to leave mess for one’s family Even if one thinks he won’t have much to pass on, effective estate planning is more preferable than creating trouble for loved ones in the event of death. Without a plan, heirs will be forced to divide the estate among themselves, and the estate could even go to probate, where the court will decide and take fees along the way. Estate planning prevents such a situation and saves money along the way. One has actual assets Assets include bank accounts, investments, and any form of property. Again, these will be vulnerable to the emotional difficulty of having to decide who gets these assets. The taxes on these assets, moreover, will also matter. The process is a fluid one Time and life changes, along with changes in state and federal laws, will influence the direction of estate planning and the best strategy to go about it. Still, these don’t change the importance of sound preparation, no matter the size of one’s assets. The need may not be immediate, but is ever present While one has his entire life to get the plan right, no one knows if time is running out. It’s crucial to make wealth transfer an efficient, well-organized process. It’s your hard-earned money Finally, estate planning is one way to value one’s hard-earned money and resources. Image source: Pixabay.com Daniel E. DeKoter is a civil litigation, business and employment, and estate attorney based in Sibley, IA. Learn more about his practice areas on this page.
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