5 Reasons That Make Estate Planning Important for Every Estate Owner |
Posted: March 8, 2017 |
In general terms, estate planning is an instrument that helps a property owner make arrangements, like partition and use of property, for their loved ones after his or her death. However, estate planning is a viable method of saving a variety of outlays such as property taxes. If you are the owner of a large-spread estate, you will never want your estate to become a point of discussion in the probate court. Meeting a Long Beach estate planning attorney and preparing a lawful estate plan will help avoid the matter to fall into the yard of probate court. Having read the aforementioned explanations, if you still want to understand why estate planning is that important and why you should visit a Long Beach estate planning attorney, then the following descriptions have some answers – 1. Save your estate from getting into the hands of unwanted beneficiaries. The properties, for which no planning has been done, end up being owned by some unknown or unwanted individual – as decided by the probate court. And, this is something that happens oftentimes. So, if you want to avoid this undesirable condition, it will be inevitable for you to plan your estate. 2. Protect your family. Life is uncertain. No one creates plan when he or she will be meeting his or her fortune. So, it does not matter if you are elderly or a young soul, you should document your property plan as you grab the ownership rights for your property. Doing so will help you protect your family after you demise. If you have your plan ready, your spouse will become the sole owner of your estate after your death. In case there is no plan, its rights will go in someone else’s hands and chances are your family will not be a part of your estate. 3. Secure the future of your family and kid(s). When you plan your estate, you nominate your spouse as the owner of your estate. That’s the biggest advantage of putting a plan in place. However, if you and your spouse both die and your kids are still not 18, and you have not nominated any guardian for them, then the court will appoint a caretaker for them. This caretaker will be responsible for taking many important decision related to your home as well as their education. 4. Make plans for incapacity. If you will ask your lawyer, he or she will tell how you can include provisions for the times during mental, emotional and physical incapacity in your estate plan. 5. Minimize spends. When you own a large estate, there are a number liabilities that you (and your family members after your demise) are required to pay. One such expense is paying for ownership transfer charges. By having a plan ready for your estate, you can minimalize this expenditure for your heirs.
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