Life is unpredictable, and therefore, it is essential to plan for what is needed. Drafting and making one’s wishes is a safe way to transfer the assets as a legacy to loved ones. Estate planning helps to plan for the heirs and tax settlement of the estate. It aids the future to go as per what one wants in case of untimely or early death. A will is a legal document that holds weight and is evidence of the dreams and desires of a person. Writing a will documents the person’s wishes for distribution of the estate.
Why should one choose Estate Planning?
- It helps to eliminate family disputes and conflicts that arise if there is no specific plan.
- It gives the heir(s) a benefit of paying substantially less inheritance tax and gives them protection as per state laws.
- If one is the sole breadwinner, it helps protect the family and benefactors with no income source.
- It can protect the heir’s children, especially minors, by having a plan in place for their futures.
Estate planning involves setting up guardians for the living, reducing the taxes, setting up the benefactors, making funeral arrangements, establishing annual gifts, power of attorney, and much more. Estate planning is an ongoing process, and a person should start with it as soon as the assets become measurable. With time, as goals progress and priorities change, the will can also change as needed