A large number of individuals think that only the very rich need to focus on estate planning. This is just one of several popular misconceptions about estate planning. In reality, all types of individuals can benefit from making a plan for their assets after their passing. To make sure that your assets are properly distributed after your death, it often proves essential to obtain the assistance of skilled legal representation. It is also beneficial for individuals to understand the numerous benefits that can be created by estate planning.
The Particular Benefits of Estate Planning
There are some particular benefits of estate planning, which include the following:
- Avoid Probate: The probate process can result in a person’s estate being delayed as well as additional fees being incurred. Through the use of proper estate planning, however, individuals can entirely avoid this process.
- Blended Families: In situations in which a person is part of a blended family, estate plans can make sure that all children are treated in the same manner. Without a plan, there is the potential that children might be treated differently based on the child’s recognized guardians or parents.
- Funeral Plans: Details about a person’s funeral plans can be articulated in an estate plan, which can reduce the burden that is placed on his or her family.
- Incapacity: Estate planning can anticipate and provide instructions regarding unforeseen events that can leave individuals disabled.
- Maintain Control: A person is able to maintain control of his or her property while alive through estate planning despite that individual’s age or health.
- Medical Directives: Estate plans frequently included advanced medical directives which allow individuals to determine what life supporting measures should be taken in case that person becomes incapacitated or unable to make decisions.
- Minimize Taxes: Expenses and taxes can be minimized through the use of estate plans.
- Charitable Giving: Estate plans can be used to pass assets to a person’s charitable organization of choice.
- Provide for Minor Children: Estate plans can appoint guardians to take care of young children.
- Retirement Accounts: Through the use of an estate plan, a person can make sure that the desired beneficiary receives intended assets. Otherwise, these accounts might not accurately reflect a person’s wishes.
- Special Needs Children: Without proper estate planning, children with specials needs are at risk of being disqualified for government benefits if they gain an inheritance. Through the use of estate planning devices, however, children can remain eligible for government benefits while also using assets from an inheritance to pay for expenses that are not covered.
How a Talented Estate Planning Attorney Can Help
Estate planning can be done easily with the assistance of a knowledgeable attorney who understands the various laws covering this field. Even if a person has a small amount of assets, he or she should still put together an estate plan. Contact Attorney Jim A Lyon today to discover how he can help you plan your future and protect your interests. Contact our law office today.