Why Everyone Needs an Estate Plan? Here are 5 Reasons
A lot of people believe that estate planning is meant only for the rich. The truth is, everyone requires an estate plan, regardless of their age and wealth. The word “estate” doesn’t solely represent big mansions, expensive art, and other pricey possessions. An estate comprises everything you own, such as your property, home, cars, furniture, bank accounts, and more. So why is estate planning in Scottsdale AZ so important? Take a look at these reasons explained below:
Secures Your Property:
Estate planning is not just about protecting your wealth for your heirs, but it also secures your current assets. Consult with an experienced legal expert for assistance in estate planning. They will help go through every document required, give you a clear understanding of your options, and protect all your assets for future generations.
Prevents Unwanted Inheritors:
If you don’t have a will, the state will have a say on who will be the beneficiaries of your property after your death. This means, it’s highly likely that your wealth will be passed down to unwanted inheritors. With the assistance of a legal document preparer, estate planning in Scottsdale AZ can prevent this hassle. A well-thought-out estate plan will make sure that your property is distributed to the intended beneficiaries.
Protects Your Children:
After your death, someone should take care of your children when you don’t have a surviving spouse. If you decide on who must be taking care of your child, an estate plan will be necessary. The specified person should be mentioned in your will. You may also include an alternate guardian just in case. Without any estate plan, the court will decide who amongst your family should be the guardian of your child.
Minimizes Estate Tax:
Estate taxes could take a toll on your wealth. This could be overwhelming for your heirs too. If you own a property in one or more states, your estate will be subject to state level taxation. There are ways to minimize this tax burden, such as establishing joint accounts, setting up trusts, and more. Obtain quality guidance from tax planning services in Scottsdale AZ for the same.
Helps Manage or Avoid Probate:
Probate is a lengthy and time-consuming court proceeding that is conducted to determine the value of your estate, ensure taxes and bills are paid off, and distribute assets to the inheritors (if you don’t have a will). Probate is quite complicated, which is why you should try and avoid it at any cost. Whether you have a will or not, probate may be required based on your circumstance. Therefore, plan ahead for a smooth probate management in Scottsdale AZ and discuss with a legal expert on how you can minimize the impact of the same.
From the above pointers, it is quite evident that an estate plan is vital for you and your family. Get in touch with a certified legal document preparer today.
The author is a qualified expert offering assistance in estate planning in Scottsdale AZ for more than 4 years. He often writes articles on financial management for various online publications. To know more, visit https://lifeplanninginc.com/