5 Incredible Reasons Why You Should Carry Out Estate Planning

Posted by vrlawgroup on July 2nd, 2019

Estate planning refers to the intricate process of planning how your property should be allocated upon your demise. Many families suffer numerous challenges when their loved ones pass away without a proper estate plan in place. Here are some great benefits of planning your estate:

1. Allows immediate provision for stated beneficiaries

Without a proper estate plan in place, your beneficiaries might have to wait for several months before they can access their allocated assets. This can lead to a lot of financial uncertainty since bills might accumulate leading to an economic strain. To prevent your loved ones from going through this struggle, a proper estate plan allows you to achieve faster transfer of assets.

2. Minimizes expenses

Without a proper estate plan in place, your property risks being subjected to numerous taxes and other fees which will ultimately reduce the amount of assets that your beneficiaries are to receive. By planning ahead, beneficiaries will be able to avoid excessive taxation.

3. Protects minors

Have you ever thought about what would happen if both you and your spouse lost your lives in a road accident? Minors require immediate attention and care. This means that you need to have a clear estate plan which will outline who your preferred guardians will be. In the absence of an estate plan, children might end up being taken into foster care as the court chooses a suitable guardian.

4. Outlines final wishes

Do you have any special wishes that you would like fulfilled? These requests can be clearly stated and outlined in an estate plan. For instance, you can indicate your preferred mode of burial as well as your preferred course of action if your family is forced to decide whether they should keep you on life support or not. By clearly stating your final wishes in your estate plan, you will be able to save your family the stress of having to make these tough decisions on their own.

5. Allows you to support your preferred cause

Is there a certain charitable organization that you sincerely love and diligently support? Well, estate planning allows you to continue your support even after your departure. In some cases, you might want your family to use some assets to set up a charitable foundation in your honor. All these desires can be clearly outlined in an estate plan.

For proper trust administration and seamless transferring assets, it is advisable for you to hire a professional law firm such as Voorhees and Ratzlaff Law Group.