The importance of estate planning to anyone who is keen on continuity and providing for loved ones in the long run cannot be overly emphasized.
However, most people living in the United States who would benefit immensely from estate planning often fail to take this important step because of the mistaken belief that estate planning is only important for the wealthy since they are the ones with enough assets to be brought under contention.
Even more people fail to plan their estates simply because they are not aware of the benefits that they stand to gain from doing so. And here comes the main question: why is estate planning so important? Consider the following:
Without a valid will, you have no control over who gets your assets when you die and there is always a good chance that the said assets could fall into the wrong hands. Planning your estate in advance and drawing up a valid will, with the help of a good estate planning lawyer, ensures that your loved ones are provided for even after your demise and that they are able to continue enjoying the same standards of living as they did while you were alive.
Estate planning can help you make preparations for incapacity. Individuals suffering from some terminal ailments are often faced with the prospect of physical or mental incapacitation down the line and by planning your estate, you can decide in advance on what steps should be taken if and when you reach that point. For instance, you could appoint a person or people who will make decisions on your behalf when you are no longer able to make them on your own.
With proper estate planning, you can reduce the financial burdens that will be shouldered by your loved ones upon your death. For instance, you can reduce the costs of transferring property to your family members under the provisions of your will. You could also make arrangements meant to reduce or offset the funeral expenses by catering for that in your will. Contact an experienced tax attorney tampa for legal help.