We have heard awful stories about family discord and conflict due to money and other things concerning the estate of a deceased loved one. However, these issues won’t be if you have an estate plan, and any good parent/spouse wants the best for their loved ones even if he/she’s gone. In fact, 71% of Americans stated that they will feel like a good parent or spouse with a carefully planned estate plan. Having said this, the following includes the benefits of having an estate plan.
1. Family Provision
An estate plan can ensure your family isn’t left without income, and so, they will be protected. Without an estate plan or will, your family may face three to nine months after you pass away before receiving anything. Just think about the possible financial struggles they may endure on top of the emotional grief from losing their loved one.
This will not be the case, however, if you ensure you have a well-planned estate plan or will. You will truly be able to rest in peace, knowing your family is well-protected when you’re gone with an estate plan or will. Your loved ones can quickly get the money to pay for expenses, such as your funeral fees, medical bills, and more. You will also feel proud of yourself in that you were a good spouse and/or parent.
2. Protecting Young Children
No one likes to think about young people dying, but that is the reality many times. Even parents and grandparents, usually hope to live a full, ripe, old age with their children, grandchildren, and other loved ones by their bedside before passing on.
Unfortunately, this is not the case many times, and that’s why it’s important to have a planned estate or will, just in case. The estate plan should have statements saying what should be done if you/a child has an untimely death.
You can even go as far as deciding who should do the gardening. That may sound crazy and trivial, but there is much going on in society with our food supply and so forth. So, if your garden is maintained, you can ensure your family eat healthily.
3. Reducing Your Estate Taxes
When a loved one passes on, it is bad enough that your family will have to deal with the grief. And so, there shouldn’t be any reason why they have to deal with extra things, like taxes. And if this is the issue, this could lead to a civil case that can be even more strenuous on them.
Normally, civil cases, like this, doesn’t lead to the federal level, but it can. And today, it’s only about 1% of federal civil cases that reach trial, unlike the 11.5% of federal cases going to trial in 1962. Nevertheless, who wants to risk all these unnecessary headaches? With an irrevocable trust in the estate plan, you can reduce or eliminate estate taxes, and there are many ways to achieve this objective.
4. Avoiding Probate
Also, if there is no living trust, or when you die, the state law and probate court will decide how your asset will be divided among your loved ones. This process can take a lot of money and time. Also, this trust is not the same as the trust mentioned above. If the estate proceeds to probate, it will be public record. Having a trust will ensure these problems won’t happen to your family.
Making sure you have a properly prepared and thorough estate plan will ensure the protection of your family when you passed on. With all these legalities and possibly other ones, having a top-notch private lawyer will go a long way. This private lawyer is so good that the average defendant in a court of law receives a three-year shorter sentence on average. So, hire that lawyer and get your affairs in order for your family today.