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. So you can see many people are still avoiding estate planning even though they know its benefits. However, if you are confused about having an estate plan for yourself, we will explain why you need it. First, you must 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 millennials are attracted to estate planning, which is good. Well, the new generation understands the importance and benefits of estate planning. Still, we have far to go because some think estate planning isn’t their tea. People with modest assets are more likely not to be interested in estate planning because they believe they don’t have much to plan for. How we see it is everyone works long and hard to have achieved what they have up to date, be it $50,000 in savings or a house worth $5,000,000. So 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 many Americans have misconceptions about estate planning. Some people think it is only for the rich; some think 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 will brief you on some positive benefits of estate planning. Afterward, you can decide wheatear or not you want to have an estate plan.
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? However, estate planning can help you reduce or even avoid paying 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 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 hard work is the only thing left for your family when you are gone. With an estate plan, you can easily designate a beneficiary and even set up a trust to help them avoid the probate process.
Protecting business:
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 essential 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. For example, suppose you have multiple children; some work in the business while others know nothing about day-to-day operations. In that case, 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 essential.
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 medical and financial decisions on your behalf if you are unable to do it for yourself. However, it is essential to be cautious when picking one’s power of attorney and assigning someone to be your healthcare proxy. That person can make serious decisions regarding your finances and well-being when you cannot do it yourself.
Estate planning is harmless and comes with lots of benefits.
For example, estate planning can provide your family with an extra layer of protection, safeguarding them from creditors and predators, which can prove quite helpful shortly. Many of you have heard about planning your estate before, but we recommend you take action now.
It isn’t simple to make an estate plan, and we will have many questions and concerns, but we believe our expert estate planning attorneys can help. Overall, if you’re considering planning your estate, then congratulations. It is excellent to prepare for the future and control it to the best of your ability. However, if you have ever wondered how estate planning works or where to begin, call us to set up a free consultation. Estate planning can do more than safeguard your assets for future generations; with estate planning, you can decide how your estate takes care of you if you are alive and unable to take care of yourself.
