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Why Estate Planning is Important

estate planning 2

Some people have the notion that estate planning is for the wealthy. However, it is imperative to realize that without undertaking this process, it’s hard to choose who gets to inherit the assets you have worked so hard for in your life.

It is sad to find most of the people spend their lives deciding which car to buy, elegant places to dine, and nice places to go for vacation, and ignore this crucial aspect of estate planning.

Failure to have the latter plan in place, can pose long-lasting and costly challenges to your loved ones in settling your affairs when you are gone. Importantly, the plan helps them mitigate the problem of overpaying on taxes.

It is in this regard; we will examine some crucial insights on why estate planning is important.

1. You Get to Choose who Inherits your Estate

First, let’s debunk the myth of estate planning is for the rich. It is imperative to realize that most, if not all the families, have some kind of assets that are part of their estate. Ranging from the family house, real estate investments, second vacation home, to stock portfolios every breadwinner should be able to know, who gets what when they are gone. That’s why estate planning comes in handy to designate how these assets should be inherited by their heirs—It helps to get rid of unintended beneficiaries. Otherwise, in the absence of real estate plans, most often the issues are left for the court to decide how the assets will be distributed. Such scenarios are very costly and things can get ugly very fast.

2. Helps in Protecting Families with Young Children

Everybody dies at a certain point—not the nicest fact to know. Nevertheless, nobody ever thinks of dying young.

As much as we want to be positive, it is important to realize that anything might happen in life. That’s why you should start to think about your young family by undertaking estate planning process. This process helps in ensuring your children are cared for in a way that you approve. Importantly, it gives you the opportunity to identify the guardian of choice before they turn 18 years of age, in case anything happens.

3. Overrides your Pre-written Will

A fact that many people don’t know, is that their states have a default will already drafted for them—also known as intestacy statute. The problem with such wills is that they may not distribute your assets as you intend them to. That’s why estate planning will help you in:

  • Drafting a valid and executable will
  • Jointly owning your assets
  • Creation of revocable trusts
  • Providing disposition for your assets pursuant

4. Bottom Line

Estate planning can be a daunting undertaking. That’s why you need a professional who has many years of experience in the process. At The Mattar Firm, we have made it our life’s mission to help you by offering quality estate planning services that will lead to your peace of mind as you move forward with life. Our estate planning attorneys are always ready to offer a listening ear and advise accordingly on estate planning-related matters.

Don’t gamble with the lives of your loved ones, contact The Mattar Firm to speak with one of our estate planning lawyers today and get the ultimate solution.

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We are dedicated to making a difference in your life and that of your family.

 

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