There are a plethora of reasons why people think of hiring an experienced estate planning lawyer to form an accurate estate plan.
Here are a few of the reasons why it is essential to create an estate plan:
Escaping Probate
This is the most common reason why most people consult with an estate planning firm – to avoid probate. While many individuals have never dealt with it, they still want to avoid probate at any cost. By creating an estate plan, you can easily fulfill this purpose.
Reducing Taxes
Several people create estate plans to reduce the estate taxes. The federal government can take a good chunk of your money in the name of taxes, and in order to prevent that, you need to put together an efficient estate plan. A married couple can easily reduce or eliminate the estate taxes by hiring an experienced lawyer to create an estate plan. The attorney will work together with the couple to come up with an appropriate plan to reduce or eliminate estate taxes.
Avoiding Future Conflicts
Many people have seen their close friends or relatives go through the ordeal of a loved one not having created an estate plan and the survivors suffering the consequences. Such issues can cause great conflicts in the future, causing families to break apart. Thus, it is important to create an estate plan beforehand to ensure no such issues occur in the future. Plus, the distribution process of the property will be a lot easier and quicker with a legal estate plan in hand. According to a recent study, the leading cause of conflicts between families is the absence of an estate plan.
Protection of Beneficiaries
The main reason an estate plan is constructed is to protect the minor as well as adult beneficiaries from making poor decisions or being subject to bad outside influences. You can prevent future conflicts by designating a guardian for your minor beneficiary, who will be taking care of the child’s medical care, shelter, food and clothing.
Asset Protection
In order to protect your assets from an adverse judgment in a lawsuit, it is essential to have a proper estate plan in place. The timing of the creation of an estate plan is important for asset protection and cannot be done at the last minute. Careful and proper planning at an early date is essential to protect your assets.
If you want to create an estate plan, you need to hire an experienced lawyer with knowledge, skill and experience in all aspects of estate planning to accommodate your needs.
For more information or to schedule a free consultation, contact John Grundy today at 330.637.9030 to speak with an experienced attorney on this topic.