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3 reasons why you should start planning your estate today

On Behalf of | Jul 30, 2022 | Estate Planning |

It’s often questioned what will happen to a person’s estate after they pass away. While many believe an estate will be given to the closest heir, sold or donated, there are many options people have to decide themselves – otherwise, it may be up to the state to decide who’ll inherit from the deceased.

Individuals will make a series of decisions during the estate planning process that helps fulfill their wishes after they die. Many people will write up a will or trust that will help ease the distribution process of their assets. 

If you aren’t yet convinced about estate planning, then you may want to consider the following reasons for inspiration:

1. Estate planning could protect your children

You may have children you have to think about when estate planning. Even if you plan to be in your kids’ lives well into when they’re ready to move out, unexpected circumstances may prevent that from happening. You may need to consider who gets custody of your children if you suddenly fall ill or face an accident. 

2. Estate planning could reduce taxes 

If you didn’t like taxes before, then you won’t like the taxes your family will have to pay when you pass on. 

Your estate may be paying federal, state and state inheritance taxes before your family lays a finger on a single penny of your assets. Setting up a will or trust could reduce just how much is taken from your heirs.

3. Estate planning can protect your future

Estate planning is often intended to set up how your assets are handled after your death, but most people don’t consider themselves part of their assets. If you fall ill or face an accident that disables you to the point where you can’t make decisions, then you may set up a power of attorney in your place.  They’ll make the final decisions for how you’re treated on your behalf. 

Still not convinced you to need to plan your estate? You may consider reaching out to legal assistants that can help protect your assets.