Estate planning is the procedure for preparing appropriate documents to protect you and your family. If you do not have an estate plan then your family will get less and it will also take longer for them to get the benefits. If you prepare the documents now then it will save your family from the unnecessary stress or anxiety to do the paperwork. Hence with a proper estate plan in place, they can focus on supporting each other rather than being worried about the paperwork.
Some benefits of estate planning are highlighted below:
- Immediate care for family: An estate plan will provide enough money to your spouse and others to survive and continue with family duties without any issues. An estate will showcase the name of appointed guardians who will take care of your assets and family.
- Keep your children out of child protective services: This is certainly an unpleasant thought, but take some time and think about what will happen if you and your spouse meet with a major car accident? Who will take care of your kids, where will they sleep and who will be their guardian? If you do not have an estate plan in place then the court will have to take the decision about the guardian and your kids will end up in child protective services till the court come to a decision about the guardian. It can be a terrible experience for your loving kids. You will definitely not want the judge to take this decision that who will raise your kids.
- Property will go to right beneficiaries: An estate plan will outline the exact guidelines as to what should be done about your assets and who should take charge of it in the event of your death. Thus, this will not be decided by the court and it will also maintain peace in the family.
- Less expenses: When people do not have a good estate plan then attorney fees and court costs can be an expensive burden. If you lose your life without a proper estate plan then the courts have no option but to handle everything as per their rules and understanding. The guardianship for kids, distribution of the property and dissolution of business is left in court’s hands. It is called probate and it is expensive which can cost more than ten thousand dollars even for modest estates. Your kids and family can have this money, but instead, it is just going to the attorney. To minimize this expense it is better to hire a well-known Estate planning attorney and prepare the estate plan.
- Your business will run smoothly: If you have a small business and do not have an estate plan then things can turn bad for your family. It is not optional but a very important choice which you should make so your business doesn’t fall apart and your family can get the benefit. Without an estate plan, they may need to face some financial hardships. Having an estate plan will be beneficial to your kids and spouse can know about their duties, you can mention as to what will happen to the business in case you get disabled or die. Things will be more streamlined with an estate plan in hand.
- Reduced taxes: Every dollar you pay in taxes is the amount that your family can use for paying bills and other expenses. There is end number of tax reduction methods that will help you keep more money in the hands of your family. The best thing to do is to start tax planning soon and do not wait till it’s too late.
With proper Estate planning attorney Hayward CA you can make things easy. It will allow your property to go to the loved ones quickly and your family will get the money swiftly to handle their daily life, pay their bills, clear and outstanding medical bills, etc. Good estate planning will help in avoiding big delays and will support your family in critical times. The real financial strain on the family can be handled without any concerns. You will also have peace of mind.