It’s an important issue to think about, who’s going to get your wealth after you’re gone? It’s not a fun thing to think about. However, you should not postpone it. You don’t know when it’s going to happen to your family.
You don’t need to be a millionaire to do an estate planning. Anything you own that might be of value can be included in your estate. This will avoid disputes and hefty sums of costs for your family.
If you aren’t convinced that you should do this now, allow us to compel you with these reasons.
1- Prevents Wealth From Going To Unintended Beneficiaries
Considered a very common thing in the legal process. Someone with a sum of wealth hasn’t done their estate planning. They pass away. During the legal process of the deceased’s estate, an obscure relative swoops in and takes a large chunk of the estate. Investing your time into an estate planning will spare your family from a legal headache that can last years.
You can specify your wishes in the will to be given to whomever you want.
2- Protects Families With Young Children
If you have a small child, you can state in your will who you want to be the guardian of your child. Not only that a will keep your assets safe, it will keep your children safe as well. You might have a distant family member that sees that they can benefit from your child. They may chime in and take the custody of them. It’s hard enough for your children to go through your death. You don’t want them to suffer throughout their lives because of it.
3- Spares Heirs A Big Tax Bite
Without a good estate plan, the IRS can chime in and push undercounted taxes onto your family. An estate plan will make sure that your heirs don’t have to go through this. When it comes to inheritance, the combination of different taxes will pile up very quickly. Federal, state, and other income taxes can make the overall inheritance very pricey.
4- Eliminates Family Messes When You're Gone
The sharing of your wealth after you’re gone became something that many families have been torn apart. A sibling thinks they deserve this while the other think that they deserve that. This can very quickly lead to a dispute or a lawsuit between your own family members. It’s painful to watch and to be a part of. For this reason, you should do an estate plan to avoid this issue. Your assets will be distributed exactly the way you want it to be distributed. Your family might not agree, but at least they don’t put themselves under over it.
Bottom line, your family will be more secure from outside interference when it comes to how your estate will be distributed. It’s a safety precaution for some unknown event that could tear your family apart. So be sure to protect your family with an estate plan today.
Set up an estate plan of your own with The Free Will Kit. The Free Will Kit is 100% FREE, it comes with a FREE Will and Testament, a FREE living Will and Health Care Surrogate along with a FREE Will Workbook to help you fill out the Will(s) with easy to understand and step-by-step instructions.