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Reasons Why Everyone Should Have an Estate Plan Few people find it important to have a succession plan for their estate. Nonetheless, you relinquish authority to determine who gets to own your assets when you’re no longer there if you don’t embrace estate planning. Estate planning is not a concern for the wealthy only since lack of a clear succession strategy can negatively affect the loved ones you leave behind even if you do not have an expensive house, a huge investment, or a lot of money to be inherited. If you’re skeptical about the need to have an estate plan, here are some reasons that can change your mind and get you to start talking to your estate planning attorney: Prevents Loss of Assets to Unintended Beneficiaries
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Provided that you have a family (children, wife, or other dependents) and assets worth anything, you need an estate plan to have a say over who gets to inherit these when you pass away. You could posses shares or a summer home, but appointing heirs to your estate snatches control from the courts to you, helping circumvent a possibly long and ugly litigation process.
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Protecting Interests of Young Children in Your Family Nobody is enthusiastic thinking about their likely early death, but a family with young children does well to prepare for the unfortunate. Regarding this matter, you’ll rely on your will to assign guardians for your under-18 children should both parents die, ensuring that their welfare is guarded in the way you wish. The courts will have to step in and decide who will raise your kids in your absence if you don’t stipulate it in your will while you’re alive. Prevent Over-payment of Taxes With estate planning, you can protect the heirs of your estate from having to pay huge taxes. A key element of your planning is about passing on your assets to stipulated beneficiaries with the objective of resulting in the lowest tax responsibility permissible under the law. You can avoid or appreciable reduce state and federal estate taxes through a carefully prepared estate plan. Avoidance of Family Disputes Conflict among family members is highly possible when a wealthy member dies without a will. Without a will that says who gets what when you die, one child may think they deserve more than another, or they could assert they’re better with financial management than others even when the rest of the surviving family disputes it. This feuding may make its way to the courts, with family members opposing each other. By stating your heirs through estate planning in way that courts can enforce, you can avoid all such family squabbles. Start estate planning today to safeguard the interests of your loved ones.