It would not be nice if your lifetime efforts in terms of work and investments end up benefiting unintended people. The role of estate planning is to facilitate the transfer of your assets by determining where they go upon your death. It entails determining the beneficiaries, entitlement to each beneficiary and ways to make the transfers with minimum tax repercussions. Regardless of your wealth, estate planning ensures that everything goes to its intended beneficiary.
In Denver and anywhere else, estate planning is done by notable lawyers so you can distribute your wealth to the right recipients.
Popular Misconception About Estate Planning
Many people tend to think that estate planning is a preserve of the wealthy in the society. However, that is completely wrong because each individual needs a will to govern the disposition of their assets according to their wish. Others view probate to be expensive yet it is not the case. Additionally, others think that having joint ownership of property can help them avoid probate. There is also a belief that if someone becomes incapacitated, their executor will handle their financial matters. Unfortunately, most estate plans become effective after you die.
What Estate Planning Can Do for You
Making that decision to plan your estate has several benefits. It will enable you to provide for your immediate family and get your assets to beneficiaries faster. You will be able to plan for incapacity as well as minimize the costs of transferring your assets to the beneficiaries. Additionally, you get to support a charity of your choice and offer help to those that are in dire need of the same in the community.
Estate planning offers an excellent way of ensuring that the people you love are taken care off in a way that pleases you. It keeps your loved ones away from unnecessary court costs and provides clear guidelines on how you and your loved ones are to be taken care of in case of a disability.
It is prudent to enlist the services of attorneys conversant with estate planning. You will be informed on how to draft an estate plan, thus ensuring that no family tussles will be witnessed after your demise.