Do you have a will?
If you’re like a lot of Americans, the answer may be “no.” Statistics show that fewer and fewer Americans have wills, the number declining by 25% over the past four years.
If you’re wondering if making a will should be on your list of things to do, you’ve come to the right place. Having a will keeps you in control of your assets.
While there are many reasons for estate planning, most importantly it is one of the best ways to protect your legacy and the loved ones you leave behind. Learn more in this short guide covering wills and estate planning.
Lay Out Your Final Wishes
Your loved ones will appreciate the guidance on your funeral wishes and instructions. While this information is not legally binding, you can appoint a funeral executor, choose a location for the service, and request what you’d like for your final resting place and any other final wishes.
Lessen the Tax Burden
Would you like to have more money to leave your loved ones without handing over a chunk to the Internal Revenue Service? Proper estate planning involves transferring your assets to your heirs in a way that they’ll carry the smallest possible tax burden.
Work with an experienced estate planning law firm from Atlanta to learn about AB trusts, ABC trusts, revocable living trusts, and other techniques to reduce the taxes on your estate.
Protect Your Beneficiaries
Do you want the court to decide what happens to your assets after you pass? With an estate plan, you designate who gets your home, stocks portfolio, and whatever other assets you possess.
Going through the courts can be a long process involving extra fees and they may not divide or appoint your assets to survivors in the manner you desire.
Estate planning will lessen the chance of a family dispute. When you spell out your wishes in a will, there’s no guessing or fighting over your assets.
Your beneficiaries will get what you planned for them to have without involving any government agencies.
Provide Financial Security in an Emergency
If you should become incapacitated or pass away unexpectedly, an estate plan will provide financial security for your loved ones. You can outline how you want your young children cared for and name their guardians as well as set up a trust so they get your assets when the time is right.
Learn the purpose of estate planning by scheduling a consultation with an estate planning attorney. He or she will go over all the necessary estate planning documents to get you on the right track to getting your affairs in order.
Wills and Estate Planning: Getting it Done
Now that you know the importance of wills and estate planning, you’ll want to get the process started sooner than later. Take control of what happens to your assets and loved ones in the event of your death.
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