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3 Reasons Why Estate Planning Is Important

On Behalf of | Aug 27, 2022 | Estate Planning

Planning for the end of life is uncomfortable, but it is kind and compassionate toward those you will leave behind.

Specifying your wishes clears up any ambiguities, saves money, and keeps your family strong.

1. Ensure your assets go to the right person

You do not want a court deciding who gets what. In the absence of a written estate plan, legal teams have to decide what the departed person probably wanted. They do their best, but the process is messy. You can use resources like the National Institute on Aging to review the types of important documents needed to allocate your assets correctly.

2. Save money on excess taxes

Anytime you transfer a large sum of money to a new bank account, Uncle Sam will notice and take his bite. The money or assets you intended for your loved ones may end up not being nearly as much as they deserve. An estate plan will help you set up special trusts that are not taxed as heavily.

3. Keep your family at peace

All too often, a grieving family experiences more heartbreak because there was no written plan for what to do with houses, property and assets. Writing a plan and filing it with the court ensures that at the moment of your death, there is a predictable and fair way to pass on what was yours. There will be no he-said / she-said because the written plan will specify everything. You can provide love and guidance to your family members by making your final wishes clear.