Learning to be forward-thinking with one’s money is not a skill everyone learns early, if at all. But it is one that will improve the security of yourself and your family. One of the best ways to ensure that your money is properly allocated is with estate planning. Here at Heather Lynn Law, APC, we offer estate planning services in Rancho Cucamonga. If you have yet to consider creating an estate plan for your future, we go over the importance of doing just that here.
The Importance of an Estate Plan
REDUCE YOUR ESTATE TAX
Whether someone approves of the way their taxes are spent or not, pretty much nobody enjoys paying them. The estate tax especially can feel unfair when you are having to pay taxes just to own a home. Luckily, with estate planning, you can reduce or even eliminate the cost of your estate tax by setting up AB Trusts, ABC Trusts, or revocable living trusts. It is great when taking planning for your future and saving money can coincide!
Probate refers to the process by which a deceased person’s property and estate are distributed to beneficiaries after their death. Without proper estate planning, this process is left up to state law. This process can get nasty in many instances, and is usually something that people want to avoid at all costs. There are all kinds of horror stories on the news and media about people losing out big in the probate process. But you can ease your mind of any potential worries by setting up an estate plan.
PROTECT YOUR ASSETS
Asset protection planning and estate planning have a lot of overlap. If you wait until a lawsuit is already on top of you to start planning, then it is probably too late. Talk with your estate planning lawyer about how to protect your assets, so that they can be available for your beneficiaries, when you create your estate plan. That is the best way to get a head start on protecting your assets in the future.
There are two ways that an estate plan can protect your beneficiaries. The first is by protecting any minor beneficiaries by designating a guardian or conservator. This person will oversee all of the minor’s needs until they are of a legal age, either 18 or 21 depending on the laws of the state that they are in. It is recommended that the guardian or conservator be picked well before they are needed from a pool of people that the estate planner knows they can trust.
There are all kinds of ways that a lack of estate planning can cause conflict. There is always bound to be squabbling with money involved. After a death is also when family and friends will be at their most emotionally vulnerable. All together, this creates a situation rife with potential for fighting. Luckily, by creating an estate plan, not only will you remove the impetus for any financial squabbling, but you will have a set schedule for your loved ones to follow and come together around.
When it comes to the future of your loved ones, we think it is best not to leave things up to chance. Estate planning is a great way to ensure that your estate goes to the appropriate beneficiaries and that your friends and loved ones are taken care of. If you are looking for an estate planning attorney in Rancho Cucamonga, trust the professionals here at Heather Lynn Law, APC. We have the knowledge and experience necessary to effectively plan for your estate. Give us a call for more information on our estate planning and other legal services.