Benefits of Wills and Estate Planning
Posted by Tony Rochester on March 20th, 2018
One of the greatest mistakes people make when it comes to wills and estate planning is assuming that they don’t need it. The usual misconception is that estate planning is something only the affluent and wealthy have to worry about. What many don’t realise is that proper planning offers many benefits even for those with modest assets. Below are just some of the many benefits that come from having a will and an estate plan:
• Taking care of and providing for your family
When this has been your topmost priority your entire life, it’s hard to think about leaving the world without trying to make sure that they will be fine once you’re gone. The best way to provide for your family after you pass is to have an estate plan and a will to name appointed guardians who can preside over your assets, as well as your children who might still be below legal age.
• Ensuring everything goes to the proper beneficiary
An estate plan will help you make sure that your money and assets go where they are supposed to. It leaves no questions left unresolved and helps prevent family conflicts.
• Minimising taxes and expenses
Estate planning will also help you reduce tax expenses as well as the costs of transferring property ownerships to the named beneficiaries.
• Making your own funeral arrangements
To ease the burden of your surviving family even more, you can likewise work on your funeral wishes and set aside funds, thus taking the burden off of your grieving family during the difficult time.
• Supporting your favorite charity
Estate planning also leaves you with different options to continue supporting charitable organizations and local causes that may have been near and dear to you.
Ultimately, estate planning can help ensure your finances, home, and assets are strategically controlled based on your wishes and preferences after your death. Talk to a lawyer today to get started.
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About the AuthorTony Rochester
Joined: February 4th, 2018
Articles Posted: 6
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