Estate planning can benefit most people, not just the affluent. Proper planning helps leave more to your loved ones by reducing taxes, minimizing litigation and unnecessary expenses. Every person has an estate, regardless of their assets, property or business interests.
An unexpected death, incapacitation or disability could leave a family and their estate in disarray. Estate planning ensures property and assets will be divided and distributed, according to a predetermined plan, by adhering to specific directions and following appropriate financial management practices.
Estate planning is a sensible and vital component of financial planning and can save families from lengthy and costly expenses. The reasons for estate planning are many:
- To exercise control over the disposition of estate assets
- To protect assets from creditors, lawsuits, divorce and other claims
- To mitigate estate taxes, income taxes and capital gains
- To help beneficiaries properly manage an inheritance
Lastly, and most importantly, a good estate plan will provide peace of mind knowing that your affairs are in order and loved ones are protected and properly provided for.