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5 reasons why you should speak with an estate-planning attorney

Posted on April 29, 2017 in Blog

estate planning2.jpegMany people don’t think estate planning is something they need to do, often justifying their decision by claiming they are too young or simply don’t own many assets. However, regardless of your age or net worth, the truth is that you never truly know what will happen in the future, which is why you should at least consider putting a comprehensive estate plan in place.

In fact, there are several benefits to establishing an estate plan, including:

  • Maintaining control: If you were to pass away without an estate plan, you would have no control over the distribution of your assets. However, there are a variety of estate-planning tools — including wills and trusts — that you can use to control what happens to your property.
  • Making sure loved ones are taken care of: Whether you have minor children or anyone else you want to make sure are taken care of after you are gone, a comprehensive estate plan can help ensure your wishes are respected and followed. Your estate plan can also be used to protect money and assets for those who are too young or too irresponsible to manage them on their own.
  • Avoiding estate taxes: Depending on the size of your estate, it may be subject to significant estate taxes. However, with proper estate planning, these taxes can be reduced or even eliminated.
  • Making sure your wishes are carried out: While you can use a will to outline what will happen upon your death, other estate planning tools can be used to ensure your wishes are carried out should you become incapacitated in any way. These tools may include a power of attorney, a living will or an advanced healthcare directive.
  • Avoiding a “mess”: Simply put, a comprehensive and well-drafted estate plan can help avoid family fights before they ever have a chance to arise.

It is important to point out, however, that these are merely a few of the many reasons why you should consider estate planning. To learn more, contact an estate-planning attorney today.