What Are the Benefits of Estate Planning?
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Estate planning may seem like a lot of work, but with the appropriate legal assistance, you may be able to reduce taxes and fees associated with the probate process. An estate plan is constructed in order to ensure that a majority of a decedent’s property and assets go to the correct beneficiaries. It may evade or minimize the participation of a probate court in regards to dividing a person’s assets and properties. Creating an estate plan not only puts the maker’s mind at ease, but those who are listed to receive property and assets in a will or trust benefit from it as well.
If an estate plan is done correctly, you may leave more of certain monetary assets to your loved ones due to tax reductions or eliminations. Assets such as stocks should be gifted directly to beneficiaries because once they leave the owner’s possession, they cannot be included in the estate value. This can lessen or eradicate taxes on the stocks, therefore leaving your loved ones with more money. Beneficiaries who are gifted certain assets by the decedent will receive more money than what they would have if the assets were passed through the state’s probate process. If these arrangements are not made prior to your demise, the state will divide your assets according to their laws of jurisdiction.
If you have an idea of who in your life should receive certain assets after you die, you need to make an estate plan. You can decide who will take care of your minor children if you pass away, how you want financial manners to be handled, ensure that taxes on your property will be reduced, and guarantee that your property goes to the correct people. Having an estate plan benefits both you and your entire family. Your spouse, children, and other people you included in your estate plan will receive the asset protection, property, money, and care that you instructed via your estate plan. If you do not have an estate plan, please fill out a free consultation form online, or call our office to schedule an appointment with one of our Arizona estate planning attorneys.
Let Us Help You Help Your Loved Ones
When a loved one dies, it may be difficult to deal with probate. If you have an estate plan, however, you can alleviate some of the stress that your family might feel. You can prearrange your funeral preparations and set a certain amount of money aside to pay for the service. This way, your family can give you the burial that you wanted without experiencing financial burdens. Everyone will know exactly what you wished them to receive when stated in a will or trust. You should create an estate plan not only for your own peace of mind, but for your family’s, as well. Contact us today to find out how planning in advance can give you peace of mind and protect your hard-earned legacy for those that matter most to you.