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Reasons Why Everyone Should Have an Estate Plan Few people find it important to have a succession plan for their estate. Without estate planning, you give up the right to decide who takes up ownership of your estate when you’re no longer there, however. Estate planning is not an issue for just the rich–even if you do not own a pricey home, a massive business, or a lot of money to pass on, not having a succession plan could have a permanent impact on the family you leave behind. If you still need some convincing about the importance of having an estate plan, below are some motivating benefits that may compel you to start making arrangements with your estate planning lawyer: Ensures Your Assets Go to the Right Beneficiaries
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Provided that you have a family (children, wife, or other dependents) and assets worth anything, you need an estate plan to have a say over who gets to inherit these when you pass away. You may own shares or another home, but stipulating heirs for your possessions gives you more control than the courts, and this eliminates the need for a possibly confrontational and prolonged court battle.
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Protecting Interests of Young Children in Your Family Nobody wishes to think about their own early death, but being prepared for the worst is always recommended for a family with small children. Concerning this, you’ll utilize your will to specify guardians for your under-18 children in case both parents die, dictating that they’ll be taken care of in a manner that you’re happy with. The issue of who takes over the guardianship of your kids when you die will be dictated by the courts in case you don’t resolve while you’re a live through your will. Minimize the Tax Bill With estate planning, you can protect the heirs of your estate from having to pay huge taxes. An important part of your plan should entail transferring assets to named beneficiaries with a view to creating the lowest tax burden that’s legally possible. State and federal estate taxes can be brought down substantially or eliminated with smart estate planning. Avoidance of Family Disputes Disagreements among family relatives of a wealthy person that has died without a will are very probable. In the absence of a will that stipulates who inherits what after you’re gone, a child could claim more assets than other, or they may want to manage finances at the expense of others despite opposition from the other surviving family members. The disagreements may get worse in courts with relatives attacking each other. Estate planning helps avoid family disputes by stipulating your heirs in a legally enforceable way. Embrace estate planning now to guarantee the well-being of the dear ones in your life.

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