If you have any properties, you probably want to make sure you have some say in what happens to them when you pass away. Creating a will and an estate plan is necessary. It’s a measure you can take to safeguard your home and the people you care about.
Unfortunately, many people don’t have an estate plan in place because they either don’t know they need one, can’t afford to hire an attorney to help them, or simply don’t get around to it. Consult a lawyer and put together a plan in advance to increase the likelihood that your wishes will be honored.
Why is estate planning necessary?
Many people put off starting the process of communicating their last wishes because of the emotional toll it can take. The complexities of estate planning can leave you overwhelmed and pressured to make choices before you’re ready. The following are ways in which a will and estate plan might make things easier for you and your loved ones.
1. Protect Loved Ones
A well-thought-out estate plan allows you to distribute your assets to your beneficiaries before you pass away. So, you may protect your heirs and grant them complete access to your support, such as a stock portfolio or second residence. The court usually decides who will inherit your property and possessions without an established estate plan.
In addition to being a hassle, it can be expensive and time-consuming. This is why you need an estate plan to protect your family when you die. You can learn more by reading blog posts and articles online.
2. Prevent Family Disputes
If you don’t make arrangements for your assets while you’re still alive, your heirs may have difficulty settling their differences. Having a large family will make the conflict worse. If you want to keep the court out of deciding how your assets will be divided, you’ll need to make some plans. The most significant way to avoid fights among your loved ones after death is to have an estate plan. Visit Will Guru now for more info.
3. Safeguard Self and Legacy
Estate plans allow you to declare your future health care decisions. An estate planning attorney Knoxville TN arranges your assets to fund the long-term care you want, names a durable power of attorney to relay your intentions if you can’t, and plans your funeral and burial.
Estate planning lets you secure your finances and those of your family. Having an estate plan in place allows your loved ones to reflect on the positive impact you made during your life.
4. Avoid Probate
If you have an estate plan, you can avoid going through probate. Probate is the legal procedure by which a court validates a will, pays any outstanding debts, and estimates the value of an estate. After these procedures have been completed, the court will approve the distribution of your remaining assets to your legitimate heirs. You should make an estate plan to avoid this undesirable outcome.
5. Save Time and Money
Estate planning saves you and your heirs time and money. Your retirement and other long-term financial goals can be considered while you develop your estate plan. This will allow you to make investments for the future of you and your loved ones. If you have a mental illness and can’t make sensible financial decisions, estate planning can help.
Your advisor or fiduciary will prevent you from wasting money. Estate planning allows beneficiaries to receive their inheritance promptly. It also contains long, expensive court fights that could cost them their heritage.
