Too many people neglect estate planning, so that when the time comes, children and family members must face the unpleasant task of determining who will get all of the things you spent your life accumulating. Many people assume that estate planning is only for the wealthy, but the truth is that even if your home isn’t expensive and you don’t have large investments, there are good reasons to consider making plans for your future.
Make Decisions Based on Your Preferences
Without a plan, the courts decide what to do with your assets. Many people assume that the surviving spouse will automatically get property and other assets, but this isn’t the case. Your spouse or children could be left without the assets that would support them after their loss. If you have young children and haven’t made an estate plan, the courts will determine who will provide care for your children. Is this a decision you feel comfortable leaving in the hands of strangers?
Protect Heirs From Too Many Taxes
Another reason you need to arrange a will is to protect your heirs from paying too many taxes. It only takes a little bit of planning to protect your heirs from taxes, such as:
- Federal estate taxes
- State estate taxes
- State inheritance taxes
Avoid unpleasant family disagreements, keep things out of the hands of the courts, and keep taxes down with an estate plan. To speak with an estate planning lawyer, contact Steve C. Benton today.