The word “estate planning” is used to describe the process of organising one’s financial affairs in anticipation of a person’s incapacity or death. Other factors, like caring for kids and pets, must be considered part of the estate planning. A Reno Estate Planning Attorney specialising in estate law is typically consulted while drawing up an estate plan.
We’ll count down the top ten benefits of estate planning below. The purpose is to inform you about the importance of having an estate plan and encourage you to take care of it as soon as possible.
Support Your Relatives
Without an estate plan, your loved ones would receive less money and take longer to receive it. This leaves your family in a precarious position since they may be unable to afford to meet their basic needs. In the aftermath of a loved one’s sudden death, it’s not unusual for a family’s financial stability to become precarious.
Don’t Let Cps In Contact With Your Kids!
Take a moment to ask yourself what would happen to your children if you and your husband were involved in a serious vehicle accident on the way home from work tomorrow. We understand that this is a difficult concept to entertain, but you must do so to prepare for the worst.
Consider this seriously. If they have school or creche, who will take them up? Where will they spend that night and every night after that? Who will become their legal guardian?
Transfer Property To Family And Friends Rapidly
You may go one of two ways here. With Choice 1, your loved ones must wait three to nine months for support following your death. If you choose option 2, your loved ones will get the funds they require without delay to take care of immediate financial obligations such as bills, burial costs, and unpaid medical expenses.
Lower Tax Rates
Every dollar given to the government is a dollar less that can be used towards keeping the lights on and feeding the family. By taking advantage of tax-cutting options, you may retain more of your hard-earned cash at home for yourself and your loved ones. The trick is to begin tax preparation as soon as possible and wait to put it off until the last minute.
Facilitate Retirement Planning
Some people are startled to learn that estate planning helps them while they are still alive and their loved ones when they die. It is important to ensure that you are eligible for government benefits such as Medicare, which you have been paying into for most of your working life anyway, so you might as well get something back. These benefits can significantly reduce your healthcare costs and allow you to leave more money to your loved ones after your passing.
Prepare For Disability
Planning for your estate is not morbid. Accidents and unexpected medical events, such as strokes, frequently render people unable to care for their financial needs.
Maintain An Orderly Business Operation
An estate plan is crucial if you run a small business; this one is not up for debate among the important actions you can take. Without one, your company will likely collapse entirely if something happens to you, resulting in severe financial hardship for your loved ones.
By outlining what will happen in the event of your disability or death, you may ensure a smooth handoff of control to a successor and the continuation of the firm. Don’t shortchange your loved ones by failing to wrap up loose ends like this.
Contact an estate planning attorney to arrange a free first appointment to review your needs.