Avoiding Probate – Probate is a very public, lengthy and expensive process for those with considerable assets
Securing and protecting the welfare of a special needs dependent
Maintaining control of assets during one’s lifetime – estate planning is not only planning for death, but rather for appropriate financial decisions during a lifetime
Asset protection – a good estate plan considers long term implications of financial decisions
Simplifying business succession- if there is a small or family-owned business involved, an estate plan can help avoid costly mistakes when planning for the future of that business
Managing taxes – there are mechanisms that can be put into place to maximize what heirs receive
Allocating for the future needs of ‘blended’ families – this is particularly true when there are children from previous marriages
Offering a smooth transition in the event of incapacity or death – an estate plan can provide for situations when a person is incapacitated, either temporarily or permanently
Securing the future for beneficiaries who are minor children – an estate plan is imperative to protect the interests of minor children and address issues such as guardianship
The above are the top ranking reasons for considering an estate plan, but there are others.
Ultimately a well- structured estate plan offers peace of mind.
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