What Exactly Is Estate Planning?
Estate planning is the preparation of activities to manage a person’s asset base in the case of incapacity or death. The planning covers the distribution of assets to heirs and the payment of estate taxes. Most estate plans get created with the assistance of an estate law practitioner. Consult the facts of estate planning in the Bratton law group.
Estate Planning Facts:
Benjamin Franklin said, “You may delay, but time will not.” Everyone understands the need for an estate plan, yet few of us take action. To know more details about estate planning, visit Bratton law group.
Without a plan, the state has power:
You lose control over who receives your property if you die without an estate plan. Instead, your state’s “intestacy” rules take effect and govern how your assets are split and passed down. The only way to ensure that your hand-carved assets go to whoever you want when you want is to have an estate plan.
Without a plan, your children may be in jeopardy:
If you have small children, the notion of them being cared for by someone you haven’t picked makes you nervous. Nonetheless, if you do not name a guardian for your minor children in your will, you will have no say in the matter.
Estate planning is critical for non-traditional households.
If you come from an unconventional family, you’ll need an estate plan to ensure that your assets get allocated to the loved ones you choose. No idea, state intestacy statutes distribute property by a typical family pattern. So, if you’re not in a traditional marriage, your property will go to your parents or other blood relatives instead of your partner.
An estate plan allows you to make significant charitable contributions:
Do you want a portion of your estate donated to a favoured charity? Gifts are unpermitted under intestacy laws. As a result, the only option to be benevolent in death is to make an estate plan. Furthermore, if you are concerned about taxes, charity estate planning might provide you with tax savings for which you would not otherwise be eligible.
The state has a strategy in place for you.
If you die without a will, the rules of your state (intestacy laws) will determine who will inherit your probate estate and how much they will receive.
Planning might help you prevent or reduce the need for probate:
Depending on where you reside, probate might be a quick or lengthy procedure. The estate planning attorney will assist you in deciding plans to transfer your assets to your spouse or the next generation to avoid the court process known as probate. It is validating your will, checking that the assets are specified, paying off any outstanding tax bills, and finalising the asset distribution.