Provide for your immediate family. The estate plan will provide enough money for your surviving spouse to continue to care for the family. If both you and your spouse pass, an estate plan will name appointed guardians to care for your children.
Ensure property goes to the right beneficiaries. Your estate plan will outline exactly where your assets are to go in the event of your death. This leaves no questions to be resolved by the courts or cause for family discord.
Minimize the expenses and taxes. When you take care to create an estate plan, you should be able to keep the cost of transferring any property to your named beneficiaries.
#1 - Provide For Your Family Without an estate plan in place, your family will get less and it will take them longer to get it. This means your loved ones will be left in limbo and might end up without enough money to pay bills and other living expenses. It’s not uncommon for families with an unexpected death to nearly falling apart due to the financial strain in the weeks, months, and years to come.
Good estate planning will make sure that your family is provided for and not left to face financial ruin once you’re gone.
#2 – Keep Your Children Out Of Child Protective Services As unpleasant as this next thought is going to be, take a minute and ask yourself what would happen to your kids if you and/or your spouse were involved in a major car accident on the way home from work tomorrow?
Really, think about it. Who will pick them up from school or daycare? Where will they sleep that night and the nights to come? Who will ultimately end up as their guardian?
If you don’t have an estate plan in place then you might not like the answers to these questions. Why let your kids end up in Child Protective Services while the courts sort out who will serve as their guardian? Why leave that decision up to the courts at all? Do you really want a judge to decide who will raise your kids without any input from you or your spouse?
Read the full blog here: https://mytrendingstories.com/article/benefit-of-estate-planning/
Ensure property goes to the right beneficiaries. Your estate plan will outline exactly where your assets are to go in the event of your death. This leaves no questions to be resolved by the courts or cause for family discord.
Minimize the expenses and taxes. When you take care to create an estate plan, you should be able to keep the cost of transferring any property to your named beneficiaries.
#1 - Provide For Your Family Without an estate plan in place, your family will get less and it will take them longer to get it. This means your loved ones will be left in limbo and might end up without enough money to pay bills and other living expenses. It’s not uncommon for families with an unexpected death to nearly falling apart due to the financial strain in the weeks, months, and years to come.
Good estate planning will make sure that your family is provided for and not left to face financial ruin once you’re gone.
#2 – Keep Your Children Out Of Child Protective Services As unpleasant as this next thought is going to be, take a minute and ask yourself what would happen to your kids if you and/or your spouse were involved in a major car accident on the way home from work tomorrow?
Really, think about it. Who will pick them up from school or daycare? Where will they sleep that night and the nights to come? Who will ultimately end up as their guardian?
If you don’t have an estate plan in place then you might not like the answers to these questions. Why let your kids end up in Child Protective Services while the courts sort out who will serve as their guardian? Why leave that decision up to the courts at all? Do you really want a judge to decide who will raise your kids without any input from you or your spouse?
Read the full blog here: https://mytrendingstories.com/article/benefit-of-estate-planning/
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