4 Reasons Why Estate Planning is so Important

For the most part, people probably associate Estate Planning with multimillion dollar assets and enormous houses owned by the very rich. Essentially, an estate just means everything that you own and, in this day, and age most of us have, something. Here are the reasons why estate planning is crucial for all and the services should be taken advantage of at your earliest convenience.

  1. Beneficiaries are Safeguarded by an Estate Plan

You may think that the term ‘estate planning’ is only applicable to the very wealthy. Words like ‘estate’ promote the idea of something grand however, nowadays, many middle-class families must make plans for what would happen if the family’s breadwinner dies (or breadwinners). After all, you don’t have to be a billionaire to succeed in the stock market or real estate, both of which create assets that you’ll want to leave to your heirs.

Even if you are simply leaving behind a second house, if you do not specify who will receive the property when you die, as such you will want the help of lawyer to ensure that you have say over what happens to it your estate/

  1. An estate plan safeguards children

No one really wants to think about dying young, but if you have little children, you must prepare for the unimaginable. This is where the will component of an estate plan comes into play. When looking for an estate planning lawyer in Parramatta, an online search will help.

To guarantee that your children are cared for in a way that you like, name guardians for them in the event that both parents die before the children reach the age of 18. In the absence of a will naming these guardians, the courts will decide who will raise your children. 13.

  1. An estate plan saves heirs a large tax bill.

Estate planning is all about protecting your loved ones, which means in part giving them protection from the Internal Revenue Service (IRS). Essential to estate planning is transferring assets to heirs with a focus on creating the smallest possible tax burden for them.

  1. An estate plan helps to avoid family squabbles.

We’ve all heard the harrowing tales. When someone with money dies, a feud amongst family members develops. One sibling may believe they are entitled to more than another, or one sibling may believe they should be in charge of the money despite a history of incurring debt. Such arguing may get nasty and end up in court, pitting family members against each other.