More often than not the estate plan is the forgotten financial tool for individuals. It is so valuable to adults of any age, marital status, and employment position. It is a vehicle that can be used to ensure you are directing your money, property and assets to the people and places that you wish. If estate planning is not done by the time you pass away then your affairs are left up the state. Meanwhile, your family and loved ones may not receive what you intended. Here are our top reasons for getting your estate plan done quickly.
- Maximizing Financial Legacy
As already mentioned having an estate plan ensures that your money, possessions and other assets are transferred to the people in your life that you choose. More importantly, there are federal and state tax implications involved for those who do not have a plan set up at the time of passing. You may intend for your assets to be given to your children, cousin, or brother, but if the plan does not stipulate it then you may lose some assets due to taxes. Having a plan makes sure that the assets you own stay in the estate instead of being lost. - Giving
Estate planning is also important if you wish to be charitable in your passing. An estate plan is a tool that tells the world where you want your money to be distributed. In having it in place, allows you to be sure it is given to the people and causes you believe in. - Your Family
An estate plan is a great tool to help reduce family conflict regarding your health, money and property. We have all heard the stories of a family that is torn a part due to conflict surround how the estate is divided after a loved one passes. While people certainly will still have loss and grief in the event of losing a loved one, there should not be any concern over financial matters. By having an estate plan in place your family will know what your wishes are, and how to execute them. This will make it easier on everyone.
At Andrews and Arbenz, we are a Tacoma attorney firm that believes in supporting your financial goals and would love to help you accomplish your estate planning needs. Check out our Estate Planning section for more information on how we can meet your needs.