Most people don’t realise the true essence of estate planning until it’s too late. It is especially true for those who think they don’t have that many assets in the first place. However, estate planning will make you realise that isn’t the case at all.
While estate planning is highly beneficial to everyone, preparing it can be extremely tedious and confusing, so it’s crucial to hire a family lawyer. Their job is to make sure that managing your estate plan goes as smoothly as possible and that you’ll end up with a will that covers all potential outcomes.
If you’re not convinced that estate planning should be one of your top priorities, here are three reasons that might change your mind:
Your Loved Ones Receive Protection Even After Your Death
Estate planning is an invaluable way to provide security to your loved ones even after your death. Its primary purpose is to let you decide who you can designate your assets to once you’ve passed. Without it, you couldn’t control what would happen to them. In this situation, the court gets to decide what to do with your belongings.
If you’re the breadwinner of the family, or if you have possessions you think would benefit some of your family members, making an estate plan allows you to distribute your things for them and make their lives better.
Another thing that estate planning can do is protect your children. It is important, especially if you have young children. It’s not a pleasant thing to discuss, but during your untimely death, before they’ve reached legal age, your estate plan allows you to choose a legal guardian for your kids. It ensures your wealth will go to people you trust.
You Can Avoid Dealing with a Heavy Tax Burden
An estate plan is an excellent way to reduce the inheritance taxes your family members will eventually have to deal with upon your death. When talking to a family lawyer, it’s essential to go into estate planning with the intent of creating the most minimal possible tax burden for your loved ones. Your lawyer should guide you towards choices that make it all possible.
You Can Save Your Loved Ones the Trouble of Arguments
Family fights are more common than you think after the death of a loved one. Whether or not you believe your assets are something family members will fight over, it’s integral to have an estate plan ready to avoid this kind of conflict.
Estate planning allows you to deny any possibility of family members’ chance of claiming that they deserve more than the other person. It would help to avoid fights because worst-case scenarios will often result in court proceedings, which can drag on and become costly.
Having an estate plan allows you to assign clear roles and responsibilities in the future for any family member. You can decide who handles your finances and assets should you become unable to in any shape or form, and you can even set up trust funds for any beneficiaries you might have in mind.
Having an estate plan is imperative not only for yourself but for your loved ones as well. While it might not be exciting to think about, unlike planning a vacation or buying a property, it can still help make your life a lot easier. Acquiring the services of a family lawyer can also help you significantly in the process.
Springfield Legals is a law firm offering family law in Queensland, Australia. We also provide our services in property and business conveyancing and income protection and succession planning. Visit our website for more information.