Estate services are there to help you plan what happens to your estate if you pass away or cannot make decisions for yourself. Caring.com’s 2022 Wills and Estate Planning Study showed that younger individuals nationwide were likelier than middle-aged Americans to have a will in 2022. No matter your age, understanding the purpose of estate services is necessary for all adults.
Most heirs will have to pay taxes on their inheritances. Individuals who leave loved ones a large sum of money also leave them a large tax bill. Heirs may have to pay taxes on property left to them as well. Estate services can help you explore the various options to minimize the tax burden on loved ones.
Outline Your Directives
Estate services will dive deep into your assets and determine where you want them directed. Professionals can work with you to ensure your will is unlikely to be contested if you’d like to leave people out of it when you pass away. They’ll ensure your estate planning is worded perfectly to guarantee your heirs get precisely what you want them to have.
Complex assets like real estate and businesses must be managed properly after a person is deceased. Some people choose an heir to manage the company, while others sell everything and donate the proceeds to charity. Proper planning ensures your assets are appropriately managed according to your wishes.
Assist With the Probate Process
Most estates go through a legal process called probate. Probate is legally dividing and distributing a deceased person’s assets. Families often squabble over who gets what during probate. Proper estate planning makes the probate process seamless for heirs and helps prevent disputes.
Create Guardianship Plans
Individuals with dependent children should invest in a will to ensure guardianship is appointed according to their wishes. Many people in the family have the option of fighting for custody after a person passes away. Your child may wind up being raised by someone who doesn’t share your values if you don’t invest in estate planning.
Estate planning protects everything you have, including your children and extended family. Contact us when you’re ready to start planning your will. The team at 417 Business & Elder Law, LLC is here to assist you.