While it may not be fun to think about, estate planning is critical as it will allow you to ensure that your assets are handled the way you want once you are gone. The fact is that no matter how large or small your estate is, estate planning is important as it will ensure that there is a plan in place to protect your home, your family, and your hard-earned savings when you pass away. If you have not done so already, here are just a few of the reasons why you should consider estate planning.
Control Where Your Money Goes
One of the primary reasons people choose to estate plan is in order to have some control over what happens to their assets, and how their money is divided, after they are gone. If you do not plan your estate, your money will be distributed in accordance with the laws of the state of Texas, which could lead to money going to those other than you would have intended. By estate planning, you can decide who benefits from your estate and how much money each person gets before you pass away, ensuring that your money goes where you want it to. This can also help to reduce fighting amongst family members after you are gone as you will have predetermined where your money is going.
Reduce Fees and Taxes
Depending on where you live and the value of your estate, your estate may have to pay hefty taxes and probate fees after you pass away, severely limiting the amount of money your loved ones get. However, when you work with an experienced estate planner, they can help you to make decisions regarding your estate that can limit the amount of taxes and fees your estate is subjected to when you are gone.
Protect Minor Children
It is perhaps most important to take care of planning your estate if you have minor children. While no one imagines dying young, should the unthinkable happen, you will want to ensure that your children are taken care of. When you plan your estate, you can designate guardians for your children under 18, ensuring that they are looked after when you are gone.
These are just a few of the reasons why estate planning is so critical. Contact us to learn more about estate planning and the process of planning your estate.