Estate Planning Lawyer Near Me 33130

Significance of Estate Planning

The importance of estate planning is numerous. Failure to plan an estate can cause havoc to several family relationships, it can also put your loved ones in utter jeopardy. How do they cater for their needs after you who is the breadwinner is no more? If you planned your estate before your demise and you left a will, this wouldn’t be a problem because you would have definitely made plans regarding their upkeep. But if you have no estate plan, your family and loved ones may suffer.

Planning an estate is similar to planning for the future of your spouse and the children you left behind. 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

It helps prevent family dispute

Family disputes may arise in several ways, and the failure of a deceased to plan his or her estate is one of the common ways such dispute may arise. This dispute can damage close relationships, it could lead to law suits, and even injury (if things gets out of hand).

A sibling may claim that he is entitled to a certain property, while another may object such claim. Or someone in the family may dislike the way the estate is being handle. Disputes regarding an estate can arise from any angle. There exist no will to indicate who gets each property of the deceased so it leaves everything open.

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 cater for loved ones when away

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.

What is Estate Planning?

Estate Planning is a common process that involves the distribution and management of the properties of a deceased or one who is incapacitated. Estate planning is carried out to ensure that one’s wish regarding all that he owns is fulfilled upon his death. It is mainly done to protect your family and those you care about when you leave this world.

Most people aren’t aware of what estate planning really is or how it works. For some, it is all about writing a will. Estate planning is far broader than drafting a will that contains how ones properties is to be shared amongst the designated beneficiaries. Several assets can constitute an estate. These assets could be cars, jets, houses, pension, stock, etc.

If you fail to plan your estate while alive and you kick the bucket eventually, your assets or properties will be shared and managed by the state government. This process is often not a straightforward one. It is costly and time-consuming. If you don’t want to put your family through lots of stress after your demise, make necessary plans to plan your estate while alive.