Reasons Why You Need an Estate Plan

 

There are a number of reasons why you may want to meet with an estate planner. Creating an estate plan is a great way to avoid probate. Although most people have never had to handle probate, they know it is something to avoid whatever the cost. The reason why they know this is because they’ve heard stories from news reports, friends, business associates, or neighbors.

Another reason to talk to an estate attorney vancouver wa is to reduce estate taxes. When a person does not properly plan out their estate, their surviving loved ones may lose a significant amount of money or property as a result of federal taxes or inheritance taxes. When certain types of trusts are put together by married couples, they might be able to completely eliminate estate taxes. There are a number of advanced estate planning techniques that anyone can use to make their inheritance tax bill less expensive or make it completely disappear.

Some people have seen for themselves what a disaster trying to sort through an estate can be without having the help of an estate planner. It not only wastes time, but it also wastes money and can cause a lot of pain. Having someone else be in charge of your finances if something happens that leaves you mentally incapacitated and then having these individuals distribute your estate after you die will go a long way in avoiding family fights and can keep probate court proceedings to a minimum, if not avoid them altogether.

Estate planning protects survivors. For example, parents may want to protect their minor beneficiaries from making bad decisions about money, from being influenced by outside influences, or by being hassled by creditors. In all 50 states, if a minor is the beneficiary, then a legal adult has the responsibility to be a guardian over certain financial aspects until the minor reaches 18 or 21 years of age, depending on the state.

A lot of family discord can be avoided by taking the time to designate guardians for minor beneficiaries. There are estate plans that protect adults who are bad with money from their own bad decisions as well as those of others. These are just a few of the benefits that come with discussing your financial future with an estate planning attorney.