Estate planning boast of several benefits. If you decide not to plan your estate, you may jeopardize the union or oneness your family enjoyed while you were alive. Not planning your estate before your demise could also put your family in a financial mess. How do your children take care of themselves? How do your wife or husband cope? How do these people cater for their needs after you who is the breadwinner is no more?
If you made an estate plan before you kick the bucket, everything will work out fine and you won’t have to worry about how your family or loved ones will cope after your demise because your estate plan will ensure that they are all well taken care of. On the other hand, if you don’t plan your estate, your family may find it hard to cope after your death.
Making an estate plan is almost like planning your future and that of those you love. If a good plan to cater for their needs isn’t drafted before your death, the future of your children may be affected.
Below are some benefits attached to planning an estate
An estate plan helps avoid family feud.
Family feud arise in many ways, and the decision of a deceased to not plan his estate could lead to a dispute within the family. This dispute could wreak havoc on several relationships in the family. It could turn siblings against siblings, nephews against cousins, etc. If things get very bad, a lawsuit may ensue from the feud.
A brother to the deceased may law claim on the deceased house, while the children of the deceased may object. Or a family member may oppose the way matters regarding the estate are being handled. A dispute can develop from any angle. Because there exist no will to indicate who gets each property of the deceased, everything becomes very complicated.
Even if the state takes charge of the distribution of assets, there will still be grumblings regarding the distribution process. For instance, sibling A, who the court finds to be of good character may be offered a portion of the deceased estate while sibling B may be left out. This could lead to a hatred, jealously and eventually a family war. Planning an estate is the best way to prevent any family dispute from occurring.
It helps take care of loved ones when gone
Estate planning helps individuals dictate what happens to their assets or properties when they die. By creating an estate plan, you can cater for your spouse or children even when dead. All you have to do is to allocate a valuable portion of your properties to them. By so doing, you are ensuring that they don’t lack even when you are no more. This also applies to your family members and loved ones.
Estate Planning and Totten Trust
A wise estate planning lawyer will always advice that his client create a rust while alive. All estate planning lawyer know how stressful, difficult and costly the probate process can be, thus, it will be their objective to ensure that probate is avoided.
Creating a trust is also the best way to reduce some estate taxes that would be owed after your demise. Totten trust is basically a bank account which is regarded as a POD (payable-upon-death) account. A POD is an account which can be easily accessed by a designated beneficiary upon your death. Such an account won’t have to undergo the stressful and challenging probate process.
Creating a POD is not definitely as difficult as the probate procedure. All you have to do to create a POD or to change an existing savings account to a POD, is to complete few paper works which will be provided by your bank. You will also have to provide a beneficiary who would be able to access and claim the account when you eventually kick the bucket.
An estate planning attorney can be of great assistance when planning your estate. Contact an estate planning attorney Fort Lauderdale if you wish to plan your estate!