Creating an estate plan can easily be set aside and put off for another day. This is not an uncommon practice for many people today. Although you may know that an estate plan is important, it can be something that people often fail to pay attention to. Often, reality sets in at the last moment, whether you are about to leave for vacation or have recently had a medical scare. Don’t leave the creation of your estate plan to the last minute. Here’s why you need an estate plan created by a dedicated and passionate attorney:
Give Yourself a Voice
Why would you want to leave your final wishes up to someone else to decide? Creating an estate plan can ensure that you have a voice in the event that you are incapacitated or pass away. Having an estate plan allows you to outline your wishes when it comes to your:
- Power of Attorney
- Medical Directives
A Plan for Your Children
No parent wants to leave this earth without a plan in place for the protection and care of their children. Unfortunately, this is not an uncommon occurrence. A lack of an estate plan can be catastrophic for not only your loved ones but especially your children. Emotions will be running high in the days and even months after your passing, as a result, your family may vy for any shred of memory or legacy you have left. Because of this, it’s not uncommon for family to fight over who will take on the responsibility of caring for your children. An estate plan can help to prevent potential issues involving who will obtain guardianship of your children. You will have the ability to clearly outline who will care for your children and secure a plan for how they will financially be cared for.
Preventing Familial Conflict
When there is no available estate plan, your family may be left scrambling to sort through your affairs. As a result, the decision of how your estate will be managed may be left up to a judge to decide. Additionally, the family may disagree over who should be responsible for your estate and how assets will be divided. Conflict amongst family is not uncommon even in situations where there is an estate plan in place, without one, your family could be seriously fractured. Prevent fallout within your family by allowing an estate attorney to help you execute a detailed estate plan that you and your family can rely on.
Knowledge of Estate Taxes
A lawyer will work with you to review your estate and strategize the best way to reduce the estate taxes that may be required. Upon your passing, not only may your estate be required to pay taxes, but also your heirs. An attorney has knowledge of state tax laws that will play a key role in guiding you through the creation of your estate plan in efforts to reduce the taxes that your estate, and your loved ones may be required to pay.
Estate planning lawyers can provide you with the proper estate plan needed to provide not only peace of mind, but a clear plan for your loved ones to reference. No person wants to leave their loved ones left to decipher their final wishes, making it all the more important to contact a lawyer today. An estate lawyer can help provide you with an efficient and stress-free process while creating your estate plan. Contact a lawyer today to get started!