Writing will is the most basic step in estate planning, regardless of the size of the assets and the extent of the property. According to attorney concord nc, the most reliable lawyers of Concord shares their experience that there are significant family and financial situations that must be addressed in your estate planning and failing to do so can have significant consequences. It is important to converse with an estate planning attorney who will explore all of the scenarios that may arise.
- You need to elect someone to handle your affairs after you pass on
You’ll need to assign one honest and trustworthy individual to be the executor of your estate. The wills and estate planning concord gives you the basic idea and helps you to elect someone wisely.
- Protecting Your Loved One
A proper estate plan can also protect your children from losing their inheritance to a future divorce, bankruptcy or other creditors. By holding assets in trust and empowering the trustee to delay distributions when necessary, your children’s inheritances can be protected not only from outside threats but also from their own poor decisions.
- Avoid probate
Even with a will, the probate process, which gives formal legal approval to the distribution of a decedent’s assets, can be time-consuming and costly, especially if the will or its executor is challenged by creditors or heirs.
- Tax implications
With proper planning during your life, your taxable estate can be reduced. This is accomplished through the utilization of available annual and lifetime exemptions and planned giving techniques. By working with an estate planning attorney, your estate plan can be structured to minimize taxes while ensuring that the greatest portion of your estate (wealth or property) will reach your loved ones.
- Peace of mind
If you think family situations can get complicated around the holidays or when it comes to sibling rivalries, just add money, valuable assets, and no estate plan in place to the mix. At least with a will in place, there’s the chance that your estate can be divided with a minimum amount of family strife.
If you’re looking for legal advice regarding your will or last will read an interesting post about the pros and cons of creating last will. Having a last will in place at the time of your death is a smart choice, but as with everything, there are advantages and disadvantages to consider when drafting one.