If you have accumulated assets during your lifetime, you probably have some idea of what you would like to have happened to them after you pass away. The best way to communicate your wishes in the event of your death is through estate planning. Without such a plan in place, you could leave your family at the whim of an overburdened court system. These three reasons that may convince you of the importance of estate planning:
No More Taxes
Any investments or assets you may have can be subjected to what seems like more than a fair share of taxes. If you plan for your estate, you may be able to reduce the amount the government takes, freeing up your estate to provide for your family’s welfare or fund philanthropic causes.
Estate planning can ensure that the distribution of your assets does not become a family battleground. You can designate your wishes for the care of your minor children or even protect your small business from infighting.
Stress and Grief
A grieving family should not have the added strain of having to deal with the lengthy probate court system. You may be able to allocate any inheritance to your survivors while avoiding the hassle and expense of going through the legal system.