Take Care of Business Sooner
Life is filled with uncertainty; you never know what is going to happen tomorrow. Because of this, having your affairs in order sooner is the best way to protect your assets and your family’s future. Here are some reasons why you shouldn’t wait to have an estate plan in place.
Ensures Your Loved Ones are Taken Care Of
Distributing your assets to your loved ones after you are gone can take a lot of time and may involve much confusion if there is no estate plan in place, especially with how many laws are in place related to distributing assets after death. Without an estate plan, it could take months to make sure all of your assets are distributed the way they are supposed to be. With an estate plan in place outlining who receives what items, that time can be cut down significantly. It also reduces the legal costs of your family.
Handle Tax Issues
As you might expect, receiving assets of some type in the event of someone’s passing means that there may be some type of tax assessed on those assets that your loved ones may have to pay. By planning out your estate, you can learn about what tax issues may be present at the time of asset distribution and can take action to reduce the tax liability your loved ones may face.
Because of the complexities of tax-related issues in estate planning, it’s important to speak with an attorney about how to best proceed.
Peace of Mind
Perhaps the biggest reason to put an estate plan in place is the peace of mind you provide yourself and your family. No one knows what may happen tomorrow, and the reality is that something unexpected could happen at any time. Your family has enough to worry about after you’re gone, and they shouldn’t have to worry about what is happening with your assets and if they’ll be taken care of.
Work With an Attorney
Crafting an estate plan is a complex process that requires careful attention to detail and laws that are in place. Consider working with an attorney who can help you ensure that your wishes will be upheld in the event something unexpected occurs, and doing so can provide you and your family with greater peace of mind.
At Johnson / Turner Legal, our team understands how to craft an estate plan that meets your unique needs. We can help you protect your estate and your family’s future. To learn more about our estate planning services or to schedule a consultation, call us at (320) 299-4249 or visit us online.