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Why Estate Planning is Very Important Many people may dedicate more time planning a dinner out or a trip than they will planning who will get their assets. Yes, estate planning may not be as enjoyable as checking hotel reviews or booking a vacation, but without it, it’s not possible to decide who receives all you’ve really worked hard for. Estate planning is not meant for the rich only. Without estate planning, your loved ones may be affected for a long time, even if you do not have a valuable art work, large investment account, or expensive home to pass on. If you’re not convinced that you need estate planning, here are 4 reasons why planning for your estate before you die is very important. Stops unintended beneficiaries laying their hands on your estate
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Estate planning is important not just for the rich but also the middle class. After all, you do not need to be wealthy to make it in real estate or stock market, both of which bring assets you’ll want to bequeath your inheritors. Even if you’re just leaving behind a second home, if you don’t choose who gets the home when you die, you’ll not have any say as to who ends up with the property.
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Protects families with little kids If you have little kids, you need to prepare for any eventuality. To make sure your children are looked after how you want it, be sure to name their guardians in case both of you die before the kids are 18. If not, the courts will take over and decide who will take care of your children, rather than who’ll get your piece of art or part of your real estate. Stops inheritors overpaying taxes Estate planning is basically about protecting your family, which means partly protecting them from huge tax hits. Passing on your assets to inheritors with the objective of leaving the lightest tax burden possible is essential to estate planning. Even with a little estate planning, parents can reduce all their state inheritance taxes, or state and federal estate taxes, which can be very costly. But if you have no plan, your inheritors will owe the government lots of money. Ends family wrangles after you pass away We have all heard about family squabbles that happen when somebody rich passes away. Such squabbling may turn nasty and wind up in court, with relatives fighting each other. This is yet one more reason why it’s essential to have an estate plan. This will let you pick who’s in charge of your estate if you become mentally incapacitated or die. It’ll also help a lot in quelling any family conflict and making sure that your estate is handled in the manner that you want.