Loading...

7 Key Benefits of Estate Planning

Estate planning may seem overwhelming, but we are here to help. We will work with you to create a comprehensive estate plan tailored to your goals and objectives. Regardless of why you are interested in estate planning, the process is very rewarding and offers substantial benefits:

  1. Organization and Control. The planning process will help you to take stock of your estate and get organized. As we implement your plan, you are always in control and retain control of your property while you’re still alive and well.
  2. Planning for Incapacity.  The planning process allows you to make important decisions about how you want your estate managed and about the medical care and treatment you want to receive should you become incapacitated or disabled. By making the difficult decisions in advance, you save your family from having to make the decisions for you and potentially avoid expensive litigation and distracting court hearings.
  3. Probate Avoidance and Cost Savings. Depending on the type of estate plan you decide to implement, your family may be able to avoid the probate process. While there is nothing wrong with the process, your family would need to petition the court to wrap up your estate. The process takes time and costs money. We try to help clients create estate plans that avoid the need for probate.
  4. Tax Savings. Everyone knows that they have to pay taxes. Many people fail to understand that their estate may incur taxes when they pass away. With proper planning, estate tax can often be deferred until the death of a spouse and may be avoided altogether depending on a client’s goals and objectives.  
  5. Conflict Avoidance. A key benefit of estate planning that is often overlooked is the ability for an estate plan to avoid or discourage disputes between your heirs or beneficiaries once you are gone. Estate planning can help communicate to those important to you your plans for the future and to set proper expectations so there are no surprises after you’re gone. Surprises create conflict, which can result in costly litigation. We try to avoid that.   
  6. Transfer of Property. An estate plan provides a foundation and framework for what you want to happen with your estate in the future. You can identify important assets and who you want to receive them. This greatly increases the efficiency of transferring your property and can avoid disputes between your heirs and family members.
  7. Create Your Legacy. Most importantly, the estate planning process will help you think about the legacy that you want to leave behind. Is your current lifestyle consistent with how you want to be remembered? Are you doing a good job passing on to your kids the values that are important to you? The sooner you work through the process, the sooner you can make any needed adjustments and maximize the impact that you may have on the next generation.

With estate planning, time is usually the most valuable commodity. There’s no time to waste. The sooner you assess where you are at now and where you want to be, the more time you will have to take steps to create the legacy you want to leave behind.

If you would like to learn more, please contact us to learn more about whether you, your family, and your business could benefit from starting the estate planning process today.

2020-03-25T08:59:38-05:00 January 30th, 2020|Estate Planning|