Estate planning can greatly benefit your family by clearly communicating your wishes and by providing protection for important assets such as real estate. By preserving wealth and assets for future generations, you can ensure your children, grandchildren and even great-grandchildren inherit what you intend to provide for them.
Here, we’ll look at a number of ways estate planning through Franz Hultgren Evenson, P.A. can help, and educate you on the benefits of estate planning.
Set up an estate planning consultation with one of our experienced attorneys today.
Estate Planning . . .
Provides For Your Family
An estate plan makes sure your family is cared for.
Without an estate plan, the strain of an unexpected death along with funeral, medical, tax and other expenses can be hard on a family. By planning ahead, your family can have access to the assets you’ve given them right away to help defray the costs associated with the end of your life.
Without an estate plan, your family will have more attorney’s fees and court costs in order to straighten out the distribution of your property, dissolution of any businesses, resolve disputes, set up guardianship of your children, along with other potential issues.
As well, an estate plan and trust can help minimize the amount of taxes your estate and family must pay.
Preserves Your Business
An estate plan is an absolute must when you’re a small business owner. Without one, your business may quickly fall apart completely which can cause incredible financial hardship on your family and trusted employees.
An estate plan can also help provide for an orderly transition of your business to a family member or non-family business partner
Moves Inheritance Quickly
With good estate planning, your assets can be given to who you direct fairly quickly. Without an estate plan, your family may have to wait several months or years in order to get what you left them and pay for any outstanding bills.
Foresees The Difficult Decisions
Estate planning saves your family from having to make difficult decisions, such as when to end life support or how to handle your remains. These heartbreaking decisions shouldn’t have to be made in the heat of the moment without your input. Use your estate plan to determine how you want your end-of-life care to be handled, and arrangements for your remains.
Keeps Your Children Out Of The System
If you don’t have an estate plan in place, where will your minor children end up if you and your spouse were to pass away? Who would pick them up from school, and where would they sleep? With a proper estate plan in place, your children can be reunited with the family they need at a trying time.
Why let your kids end up with child protective services while the courts sort out who will serve as their guardian? Don’t let a judge decide, set it up yourself ahead of time.