Properties hold sentimental values in the hearts of people. You need to ensure that it is looked after your death. In this article, we will talk about the top 5 major reasons you should plan your estate during your lifetime. Besides just the sentimental value, planning your estate would require an attorney.
As you are reading this article, chances are you keep a keen interest in your property. As a responsible individual, you must plan your estate. I am sure you do not want your estate to be gone in the hands of the Government.
If you think the fate of your estate is in trouble, consider contacting the best estate planning attorney in Sarasota.So without wasting any further time, let us look at the top 5 reasons why you should plan your estate in your lifetime.
5 Reasons Why Everyone Should Plan Their Estate During Their Lifetimes
These are the top 5 reasons why you should plan your estate in this lifetime. It can be a stressful and troublesome process, but you should do it nonetheless if you want to make the future of your property secure.
Reason Number 1: Plan Your Estate to steer clear of Probate
Probate is something that you want to avoid at all costs. If you do not know what probate actually is, let me tell you in brief. It is actually the process of validating a dead person’s wall and putting a price mark on it.
It is done mainly during the sudden death of a person. After completing all his liabilities, it is distributed among his beneficiaries. Any sensible person would avoid Probate at all costs. It is the main reason why you should have an estate planning lawyer.
Reason Number 2: Plan your Estate to reduce Estate Taxes
Do you know how dangerous the IRS is? People do not want to lose their property in the hands of the Government. This is the reason why planning your estate becomes all the more important.
Through proper planning, you can reduce the tax cost of your estate. You can consider putting up trusts. Efficient planning ensure that you do not have to pay a ridiculous amount of taxes for your estate
Reason Number 3: Plan your Estate To Avoid Mess
Not planning your estate can get you into some serious mess, which can be difficult to get out of in the future. I have seen people making huge financial losses just because they did not plan their estate properly at the right time.
While you are alive, you should ensure that you have decided to put someone who will take charge after your death. He/she will make sure that everything that you wanted happens according to the plan.
Reason Number 4: Plan Your Estate to protect your Family Members
If you have a huge amount of property, I am sure there are many people who are eyeing it. So planning your estate will ensure that your beneficiaries and your family members make the most out of it.
Oftentimes there remains conflict in the family itself, so it’s absolutely a must to plan your estate during your lifetime. Planning your estate also comes in handy when you are on the verge of getting a divorce.
Reason Number 5: Plan Your Estate To Safeguard Your Assets
Planning your estate is necessary if you want to safeguard your assets if you ever feel that a lawsuit is around the corner. When your estate is not planned, you have unlimited liability towards your estate.
This also includes your other assets, which can be later taken by the Government to fulfill the taxes or dues of your estate. So as a financial advisor, I would suggest you make a proper Will for your estate.
There you have it, above were the 5 Reasons Why Everyone Should Plan Their Estate During Their Lifetimes. I hope you have found this article to be informative. If you have any further questions or feedback, kindly consider leaving a comment.