No doubt you have worked hard your entire life and have accumulated a certain standard of living and financial quality of life that you want to pass on to your children. If so, you need to plan ahead. You not only worked hard to provide for your family during your lifetime, but you also want to provide for them after you pass. Below we discuss some specific reasons why estate planning is so important for your family.
Estate Planning Ensures Your Assets Go to Who You Intend
If you don’t leave specific instructions about to whom you want your money and property to go, your heirs may not benefit as you intend. Just telling your son that he gets everything is not enough and will likely not stand up in court if the estate is challenged. However, if you have a well-constructed will that lists exactly which asset passes to whom, that should have no problem standing up in court.
A solid plan for your estate can also prevent family members from quarreling at a time when they should be mourning; a time when they should be uniting instead of fighting over money and property.
Protect Young Children
According to a recent survey, roughly 6 in 10 adults do not have a will. Most of those are younger people who feel less of a need to start planning for a time when they are gone. They see it as something they can worry about “later,” but you never know what can happen and it is far better to be prepared than not to be.
This is especially true for people with young children. If something should happen to you, would your minor children be provided for? Would the parent who survives you have enough financial support to keep moving forward? What if something happened to both parents simultaneously, say a horrific car accident or plane crash? Who would care for the children?
No matter how many years you think you have left, wouldn’t you rather know your children will be taken care of in case the worst happens?
Avoiding Heavy Taxes
Not only do you have to know who is getting what in terms of your assets, you also want to know those people are getting as much of your estate as possible. An experienced estate planning attorney can help you avoid overpaying on federal and state inheritance taxes. This can ensure more of your hard-earned assets will get to the intended recipients and won’t be lost to the I.R.S.
If you are interested in planning for your future and the future of your family, contact the experienced estate planning attorneys at Doane and Doane, P.A. or call 561-656-0200 for a complimentary initial consultation.