In your prime, you keep on building as much wealth as you can to secure your family’s future. You want to make sure they are comfortable and worry no financial problem ever. But what happens if their breadwinner is suddenly unable of supporting the family? You do not want any uncertainty, especially if it is family.
Death or incapacity puts your life’s work in jeopardy. Unless you do something to protect and distribute your properties your way, your state may grab the wheel and do the best course of action to dispose of your wealth – whether or not it would be advantageous to your loved ones.
This is why estate planning matters. Without it, wealth distribution can be more stressful, if not unfavorable, as far as your family is concerned. Miller & Steiert, P.C. explains, however, that if you are most Americans you probably have at least one of these excuses to go on.
“I Do Not Have Enough Money”
If you are reluctant to pursue estate planning just because you believe your net worth is not that impressive, then you could not be more wrong.
This legal process is never designed for the Donald Trumps only; it is more than just about avoiding estate tax, but rather arranging the distribution of your properties, including your pets, your way.
“A Will Would Do”
A will is just a document of instructions but does not get around probate. Any self-respecting Chicago, Miami, or Denver probate attorney would say that your will is bound to follow your state’s process before they can be allocated to your heirs. Its completion may take a seriously long time and lead to considerable costs ultimately.
On the other hand, a sound estate plan limits the properties that have to undergo probate, or even avoid it altogether.
“It Only Makes Sense When Retirement Nears”
Estate planning has no age requirement; and as a matter of fact, now is always better than any other time. If you feel you are too young to bother yourself in this legal device, then you are looking at it the wrong way.
This process is a welcome option to ensure your properties, no matter how negligible you think they may be, would be distributed and managed exactly the way you like it.
The only harm in estate planning is waiting too long to do it. If you have reservations, consult an experienced lawyer to clear your doubts to ensure you are informed about any what ifs you may have.