Why Is Estate Planning Important?
If you’ve given any thought to estate planning, congratulations—you’re a step ahead of many of your peers. Estate planning often seems like something that you can put off until tomorrow, especially if you’re on the younger end of the age spectrum. But the fact is that you never know what the future may hold, so it’s important to take the necessary steps sooner than later. And estate planning certainly is necessary. We’ve compiled some reasons why estate planning is incredibly important, in the hopes that our list might inspire you and your loved ones to start planning for the future.
It Lets You Retain Control Over Your Assets
One of the main reasons to be proactive about estate planning is that it allows you to decide how your possessions will be distributed after your death. If you die without a will, the probate court will need to determine how to divide up your assets according to applicable intestacy laws, and the results may not be what you would have wanted.
It’s also important to note that if you have children, having a will in place will allow you to decide who will take care of them if anything happens to you and their other parent before they turn 18. You can also designate the executor of your will and specify how certain matters should be handled (such as the type of services you would like and the location where you’d like to be buried).
It Makes the Probate Process Easier for Your Loved Ones
Losing you will undoubtedly be one of the hardest things that your loved ones ever have to go through. Although there’s not much you can do to spare them from their inevitable grief, you can take steps to make the probate process easier for them during this stressful time. As mentioned above, if you were to die without a will, the court would need to decide how to distribute your assets. This can lead to time-consuming and expensive litigation, which will be made even worse if your family ends up fighting over your estate. But if you move forward with estate planning now, all your loved ones will need to do is establish the validity of your will, execute your instructions, and pay any applicable taxes.
It Protects Your Beneficiaries From Financial Pitfalls
If you were to die without having taken any estate planning measures, your loved ones could be saddled with a significant tax burden. Taking certain steps now could reduce those future tax obligations. For instance, if you own your home, you could potentially transfer it into a qualified personal resident trust (QPRT). This would allow you to continue living in your home for a set amount of time, after which the property would go to the beneficiaries of the trust, thereby reducing the size of your estate. An experienced estate planning attorney can advise you on which strategy is most appropriate for your circumstances.
Estate Planning Services in New Port Richey, FL & Nearby Communities
If you’re interested in partnering with an estate planning attorney in New Port Richey, Florida, or the surrounding area, you can turn to The Lyons Law Group, P.A. We’re one of the top real estate law firms in the area, and our attorneys have extensive experience with estate planning and administration. In addition to wills, we help our clients draft and execute trusts, property deeds, and powers of attorney.
Contact The Lyons Law Group, P.A., today to request a free consultation. We have offices in New Port Richey, FL, and Spring Hill, FL, and we’d be happy to meet at whichever location is most convenient for you.