When you draw your last breathe, and you leave this world finally, you won’t be taking anything along with you. Your cars, houses, businesses, the cash you have stashed in those accounts, the luxury yacht you own, your private jet, jewelries, clothes, everything you own will be left behind. If you didn’t plan your estate before your sudden or envisioned demise, those assets of yours will shared not according to how you may have preferred them to be proportioned, but according to the laws of your state. Well, I am quite sure that you wouldn’t be happy with this but then, it is all your fault. This mistake or ignorance of yours may end up causing tension in your family.
It is quite simple. If you plan your estate before you die, you get to decide who gets your property, but if you fail to do so, Miami laws will dictate who gets your property. So which do you prefer?
Below are some highlighted importance of estate planning.
- It helps safeguard Beneficiaries
Then, estate planning was considered a thing for the wealthy; but that has changed. You can plan your estate provided you have an asset. This asset could be a car, house, an investment, stock, or any valuable thing that you own.
It is important that you plan your estate so that if anything happens to you (a breadwinner) the ones you left behind will enjoy the fruits of your labor and won’t be left with nothing. You wouldn’t want to see your family and loved ones struggle financially upon you demise, will you?
When you plan your estate you are planning for the future of those you will leave behind when you eventually kick the bucket. Estate planning involves you writing a will, the will contains instructions regarding all that you own, and how your assets should be proportioned including the names of those you wish to benefit from the assets you left behind.
If you die without a will, the court will decide who receives your assets and trust me, this process can be time consuming, it can be costly, and it can also get ugly. Moreover, the court isn’t aware of the responsible and the irresponsible ones in your family, including those who should and shouldn’t be entitled to the cash you left behind. Thus, they will need time to dig deep into your family so as to ensure that what you left behind gets to the right hands.
- It prevents Family Scuffle
There have been several cases where a person dies and family war starts. Someone in the family may cause an uproar because he or she was left out of the beneficiary list. Or a person may feel that he should be the one handling the finances of the estate even if the deceased has already chosen an executor. Family issues can arise from several angles and sometimes, these issues don’t end well.
Planning your estate will prevent unnecessary family scuffle when you eventually kick the bucket. The will you draft will contact information regarding how your assets will be shared and who will handle the process. It will contain the names of the beneficiaries of your estate, what you wish they inherit, including other significant information.
What can a Miami Estate Planning Lawyer do for you?
Because estate planning is a very intricate process, you will need a lawyer to guide you through the process to ensure that no mistakes are made. If you decide to plan an estate without the guidance of a lawyer, you may either leave out something important or you may make an error that might end up affecting the estate plan.
An estate planning lawyer boast of an in-depth knowledge and experience in estate planning and can assist you with that estate plan of yours. If you reside in the city of Miami, and you wish to plan your estate, ensure you contact an estate planning lawyer in that state. Go for one that is conversant with the estate planning laws of Miami.
There are several benefits attached to hiring an estate planning lawyer. They can make things quite easy for you and your family after your demise.