There are many reasons to make time to meet with an estate planning attorney to create an estate plan. In this installment on estate planning we will look at the top reasons estate planning is necessary for even those with small estates.
The most common reason most individuals seek out an estate planning attorney to create a plan for their estate is to avoid their estate from sitting in probate upon their passing. Many of us have never had to deal with probate and probate courts but the one thing we know and understand from other people’s experiences is that it is best to avoid it at all costs. There are many horror stories to be told from the media, neighbors, friends and business associates. It is enough to make most of us understand that it is crucial to have an estate plan in place to ensure our estate avoids probate for the sake of our families.
Another common reason that individuals seek out estate planning attorneys is to help significantly reduce their estate taxes. Avoiding federal and state inheritance taxes is a great motivator for most people to put together an estate plan. Even the most basic of estate plans can greatly reduce or eliminate estate taxes for married couples. Eliminate estate taxes all together with the creation of trusts or revocable living trusts. Attorneys specializing in estate planning are super beneficial in helping both individuals and couples decrease the amount they are required to pay in estate and inheritance tax.
After personally experiencing or seeing a loved one experience the mess of probate and poor estate planning encourages many individuals to seek out an estate planning lawyer. Avoiding a mess for the family you are leaving behind is one of the key reasons to have in place an estate plan. Estate plans do more than save in taxes and help avoid probate; they allow a plan to be in place that saves time, money and allows individuals to focus on what is most important at the time of your passing. An estate plan often allows you to choose someone to be in charge if you are to become mentally incapacitated and again after your passing. This executor is able to decide who will get what, when it will be given and how it will be distributed. This keeps family fights to a minimum and helps to avoid costly probate and court proceedings.
Call today to schedule an appointment with a local estate planning attorney to ensure your estate is executed as you desire.