Your estate typically consists of your home, car, checking, and saving accounts, along with all personal possessions and other properties, if any. However, a key concern about the stuff is what happens to the ownership when you pass away. If you plan to dictate how your properties get distributed in case of your absence, you need an estate plan.
The estate plan is a legal document that lists how your properties will get distributed between people and organizations that you care about. The estate plan maintains a complete โwho-receives-whatโ and the when. If you are looking to ensure that someone carries out your wishes in your absence, please visit https://burnhamlaw.com/help-center-articles/estate-planning-attorney-denver/.
However, most individuals do not want to go for estate planning. In the following section, we have listed the top five reasons you need to hire an estate planning attorney.
Avoid lengthy probate costs
Probate is the court process that allows the transferring of all the properties of a deceased individual to the rightful heirs and beneficiaries. The process is not only expensive but also time-taking as well. Moreover, the court proceedings are public, which means anyone can receive the Will and other legal documents through an application. With real estate planning, you can circumvent the need for probate. It is vital to understand that all probate aspects are complicated, and an expert estate planning attorney will ensure smooth operations in the long run.
Best way to protect yourself and your assets
Every family needs to have a stable future family plan. An adequately devised family plan will take into account the future of the family and allow you to secure it โ it will make sure that your family and loved ones โhave-to-jump-through-hoopsโ upon your passing. The following are all the vital aspects that a professionally crafted estate plan consists of.
- The Will
- Trust
- Power of Attorney
- Medical clauses and directives
- General assignment
- Nomination of Guardian
Save time, energy and avoid mistakes
Estate planning is all about organizing all your records and wishes. It is the best way to ensure ordered financial records, titles, insurance policies, and every beneficiary designation. Planning will ensure that you can resolve errors and mistakes while you are still present and alive to fix them. Not creating an estate plan is a mistake in itself, but it can get compounded into a major complication due to the following.
- A failure of completion of your wishes in your absence
- Inadequate estate plan leading to misappropriation of property
- Failure to accommodate for individual family members
- Mismanagement of asset โ leaving certain assets out in error
- Failure to accommodate for changes in the estate plan when life-altering events take place
Reduce your tax liabilities
Your estate might be liable to federal taxes, and it depends on the following factors.
- The value of your estate
- Your debt during your time of death
- Total expenses for settling the estate
- Deductions for the estate
The tax value is often steep, amounting to around 40%, and the laws surrounding the state and federal taxes are highly complex. That is why an estate planning attorney will ensure optimum coverage and protection.
Hire an estate attorney today to start planning for the future. Take care.
