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 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 the benefits it brings. However, if you are confused about having an estate plan for yourself, then we will try to explain why you need it. First, you need to forget the myth, “Estate planning is only for rich people,” because it isn’t.
We have seen a report suggesting that young people or millennials are being 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 people still think that estate planning isn’t their cup of 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. We see it as everyone working long and hard to have achieved what they have up to date, be it a $50,000 in savings or a house worth $5,000,000. Why not safeguard what you have.
Do I need an estate plan?
Yes! You do, and everyone who 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 that says that many Americans have misconceptions about estate planning. Some people think that it is only for the rich, some believe that 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 estate planning benefits. So, we will simply brief you on some positive benefits of having 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. However, you must know that having estate planning can help you in reducing or even avoiding having to pay 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 that 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 when you are gone your hard work is the only thing left for your family. By having an estate plan, you can easily designate a beneficiary and even set up a trust to help them avoid the probate process.
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 important to consider your successor not only your beneficiary in some cases, but not the same person, and add this structure into your wishes within your estate plan. At times if you have multiple children and some work in the business while others know nothing about day-to-day operations 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 important.
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 both medical and financial decisions on your behalf in the event that you are unable to do it for yourself. It is important to be cautious when picking one’s power of attorney and assigning someone to be your healthcare proxy because that person can make some serious decisions regarding your finances and wellbeing when you aren’t able to for yourself.
Estate planning is harmless and comes with lots of benefits. Estate planning can provide your family with an extra layer of protection safeguarding them from creditors and predators which can prove quite useful in the near future We know that a lot of you have heard about planning your estate before but we highly recommend you take action now.
It isn’t simple to make an estate plan and will have lots of questions and concerns, but we believe that our expert estate planning attorneys can help Overall, if you’re considering planning your estate then congratulations on Planning for the future and taking control of it to the best of your ability is a great idea If you ever wondered how estate planning works or where to begin to call us to set up a free consultation Estate planning can do more than just safeguard your assets for future generations, with estate planning you can decide how your estate takes care of you in the event that you are alive and unable to take care of yourself.