March 21, 2014 by generationsprobate
The future is something everyone should be concerned about. You don’t know what’s coming and you can’t be sure that you will still have the strength to make the right decisions when difficult times come. Setting up an estate plan can secure your family’s provisions and protect their entitlement to your assets in the future. Here are some common reasons why setting up an estate plan is crucial.
When you die without properly planning the distribution of your wealth, chances are, the court will supervise the division of your wealth. This process, which falls under the area of probate, usually takes a long time and costs a lot. In other words, regardless of any perceived right your family may have to your properties, the court will assign professionals to assess your possessions and divide them based on existing estate laws.
With an estate plan, your assets can be distributed and left to your heirs according to your wishes. Your family will not need to undergo a long process to get what they are entitled to. This is even more crucial if you know that your family will have no other income source but your savings and wealth.
Another common reason why many decide to set up an estate plan is to better manage tax obligations. Some estate planning tools enable an individual or a couple to pay less inheritance tax bills. In some cases, these tax obligations may be completely eliminated.