An Overview of Estate Planning and its Benefits
Many individuals devote lots of time acquiring wealth during their lifetime, but not enough time ensuring these assets go to their intended heirs. This is why estate planning is so important, and something we can help with.
Simply put, estate planning is an agreement where an individual decides on the management and ownership of their assets and wealth following death or incapacitation. An effective estate plan eliminates the need for the deceased’s family to engage in unnecessary legal suits and makes the probate process seamless. Estate planning also offers many other benefits, including lower tax burdens.
We understand how daunting these processes may seem, however, they’re not as complex as they might sound. Plus, our team of highly experienced estate planning attorneys are devoted to guiding you through this process.
Parties Involved in Estate Planning
Settlor/Grantor
This refers to the individual (or group of individuals) whose estate will be allocated to beneficiaries.
Trustee
Heirs/Beneficiaries
The Perks of Executing Estate Planning
When set up effectively, an estate plan offers numerous benefits, especially to your assigned beneficiaries (in most cases, your children). Benefits include, but are not limited to, lowered taxes and an efficient transfer of assets.
Planned Asset Allocation
Without an estate plan, there are no instructions to distribute your assets and wealth to your beneficiaries. In some cases, someone who may not be as important to you could be given more assets than those closer to you, such as your children or other relatives. For example, you could decide the bulk of your assets goes to your child who has significant health expenses or needs money to fund their education.
It is advised you reach out to an expert to guide you on the estate planning process. With an estate plan, your beneficiaries can avoid having to dispute an inheritance.
Efficient and Fast Transfer of Assets
The initiation of legal suits and non-stop disputes during the asset allocation process is a common occurrence in cases where no estate plan exists. In most cases, this takes a long time—up to years—and has significant financial implications for everyone involved.
Our team of attorneys at Wiezorek & Geye boasts a wealth of experience in estate planning and can help ensure that your family remains close, even after your death.
Reduced Taxes
Protects Your Kids
If you have kids younger than 18, setting up an estate plan becomes even more pertinent. Estate planning offers you the luxury of choosing who becomes their guardians should both parents pass away before the children are 18. Without a plan in place, the court will appoint the custody of your children.
Is Estate Planning Strictly for the Wealthy?
Contrary to general thinking, estate planning isn’t for the wealthy alone. In fact, all families feel the impacts of poor or zero estate planning. The cost of legal suits can erode the value of the assets in little to no time. That said, the best time to set up an estate plan is now.