Estate planning services are absolutely vital when trying to make sure that your family and loved ones are cared for once you have passed away, typically because it can help you distribute your estate and assets in the way that you feel would be most beneficial for your family and loved ones. Listed below are just three of the many reasons to consider estate planning.
It Can Help You Maximize The Inheritance That You Leave Behind
A huge reason to consider estate planning is that it can help maximize the inheritance that you leave behind for your family. This is especially important if you have a rather large estate as the inheritance taxes and estate taxes that your family may have to pay can be quite substantial. However, this type of service can help you find ways to minimize the impact that those taxes can have.
For example, the service can help you create an irrevocable trust which will often allow you to leave your money to your beneficiaries without having to worry about the taxes as the irrevocable trust is often not taxable. However, when you choose to put your money in an irrevocable trust you are no longer able to dissolve that trust and get the money back if you should choose to change your mind before you pass away.
It Can Help You Make Plans To Ensure That Your Children Are Cared For
Additionally, you should consider estate planning because they can help you make plans to ensure that your children are cared for once you have passed away. For example, the service can help you determine who would be the best caretaker and guardian for your children once you have passed away and help you create plans that will make sure that they are taken care of financially once you pass away. This can include creating a fund that the guardian can only use to pay for the educational and living expenses for your children and then turn over the remainder of that fund once your children have come of age.
It Can Help Your Beneficiaries Resolve Disputes Regarding The Estate
Finally, you should consider hiring an estate planning service because they can help your beneficiaries resolve disputes regarding the estate once you were gone. In most cases, this can consist of the estate planning attorney telling your beneficiaries why you chose to distribute the assets the way you did in order to avoid having the dispute go to court or explaining to the court your reasoning in order to attempt to get the case resolved as quickly as possible. This is very important because many estates can easily end up becoming drained of their value due to a lengthy court dispute regarding the distribution of those assets.
Make an appointment with an estate planning service today, like Christena Silvey Coleman CSC Law, LLC, to discuss how they can help you plan for the distribution of your assets and estate once you have passed on. You should consider estate planning because it can help you maximize the inheritance that you leave behind, can help you make plans to ensure that your children are cared for after you have passed on, and can help your beneficiaries resolve disputes regarding the estate.