A question that pops up inside every adult’s mind is, “Do I need an estate plan?” A study reported that more than 76% of adults in the US think that having a will is good but only 46% of adults have one. You can see a large number of people are still avoiding estate planning even though they know the benefits it brings. However, if you are confused about having an estate plan for yourself then we will try to explain why you need it. First of all, you need to forget the myth, “Estate planning is only for rich people” because it isn’t.
We have seen a report which suggested that young people or the millennials are being attracted to estate planning and that’s good. Well, the new generation understands the importance and benefits of estate planning. Still, we have far to go because some people still think that estate planning isn’t their cup of tea. People who have modest assets are more likely not to be interested in estate planning because they think they don’t have much to plan for. The way we see it is everyone works long and hard to have achieved what they have up to date, be it a $50,000 in savings or a house worth $5,000,000 why not safeguard what you have.
Do I need an estate plan?
Yes! You do and everyone who is or has ever been concerned about their family, spouse, children, business, and loved ones should consider having an estate plan. So, you should stop thinking about planning and go ahead and take a free consultation with a specialist. We have seen a report which says that a lot of Americans have misconceptions about estate planning. Some people think that it is only for the rich, some people think that it is only for the old, some claim that as they don’t own much, they don’t need planning, etc.
We respect your opinion and understand that you aren’t aware of the benefits of estate planning. So, we are simply going to brief you with some positive benefits of having estate planning. Afterward, you can decide wheatear or not you want to have an estate plan or not. Check out the estate planning benefits below:
Estate planning benefits
Helpful in reducing taxes:
It doesn’t matter if you are a multimillionaire or a local electrician because everyone pays taxes, right? You must know that having estate planning can help you in reducing or even avoiding having to pay state inheritance taxes.
Secure your family:
Your estate is the only thing that will be left behind for your loved ones. We don’t think that anybody would want to see their family members getting tensed because of the delay in getting your estate in their hands. After all, you’ve worked all your life and now when you are gone your hard work is the only thing left for your family. By having an estate plan, you can easily designate a beneficiary and even setup a trust to help them avoid the probate process.
Estate planning can help you if you want to protect your business. You must know that any business can suffer after the death of its owner. It is important to consider your successor not only your beneficiary in some cases not the same person and add this structure into your wishes within your estate plan. At times if you have multiple children and some work in the business while others know nothing about day to day operations it might be best to leave the business to the operating child and a life insurance policy to the other. Planning for business succession within your estate plan is important.
Healthcare Proxy and Power of Attorney:
As humans we can get sick at any time, so it is best to plan for such an occasion by setting up a Healthcare Proxy and a Durable Power of Attorney appointing someone to make both medical and financial decisions on your behalf in the event that you are unable to do it for yourself. It is important to be cautious when picking one’s power of attorney and assigning someone to be your healthcare proxy because that person can make some serious decisions regarding your finances and wellbeing when you aren’t able to for yourself.
Estate planning is harmless and comes with lots of benefits. Estate planning can provide your family with an extra layer of protection safeguarding them from creditors and predators which can proof quiet useful in the near futur. We know that a lot of you have heard about planning your estate before but we highly recommend you take action now.
It isn’t simple to make an estate plan and will have lots of questions and concerns, but we believe that our expert estate planning attorneys can help. Overall, if you’re considering planning your estate then congratulations. Planning for the future and taking control of it to the best of your ability is a great idea. If you ever wondered how estate planning works or where to begin call us to setup a free consultation. Estate planning can do more then just safeguard your assets for future generations, with estate planning you can decide how your estate takes care of you in the event that you are alive and unable to take care of yourself.