Planning for a future that no longer includes us may not be at the top of our priority list, but taking the time to manage our personal estate will prepare us and our family for any eventuality. Hiring a good estate lawyer is not just for people with high net worth or rich people. Anybody can benefit from the preparations made by estate planning.
Hiring a good estate planning lawyer will go a long way in giving you peace of mind because when everything has been arranged for your loved ones then all that is left to do is enjoy life to the fullest. The experts at Colorado Springs Estate Planning help people with asset protection, planning for the inevitable by preparing wills and trusts, disputes and administration issues, as well as helping the elderly navigate legal issues. Finding your own estate planning lawyer is a good way to square away your assembled assets which represent your life’s work.
An estate plan or well designed will is the best way to protect your children, heirs, or beneficiaries from any reason that they would not receive the parts of your estate that you would want them to in the event of your passing. By clearly stating in your will who gets what and how much they get, you are protecting your loved ones from any misunderstandings that can lead to court cases.
Naming the Guardian of Your Children
This may be a sensitive topic for some people but in the eventuality that both parents should die suddenly, the courts will step in to decide who will raise the children. Unless there is a will that clearly states who will be the legal guardian of your children should you pass away suddenly and accidentally. This is a sensible precaution for parents especially if their children are young.
Family squabbles over who gets what or who should receive more money is ugly and undignified. You can avoid this for the family members whom you may leave behind by clearly defining in your will who will get what and how much, and by hiring Roseville Estate Planning Lawyers to manage your estate. This is especially important for people who have much to be divided and have a complicated family situation. Those who have more than one wife and children with each one would do well to take heed.
Reducing Taxes for What’s Left Behind
By planning ahead and paving the way for your heirs to inherit your assets, the taxes that they will owe to the government will be much less than if you did not pave the way for them. There are federal and state taxes that can take a huge chunk of anything that your children or heirs may inherit from you. There are ways to minimize the amount of taxes they would have to pay for whatever inheritance they will receive from you so it is best to be prepared.
These four reasons for hiring an estate planning lawyer are the most common reasons for planning ahead. As the saying goes, it is better to be safe than sorry. Take some time now to make sure that everything is squared away. This will give you more freedom to enjoy and live your life.
Disclaimer: The content on this page is for informational purposes only, and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.
John Pearson is a serial entrepreneur and writer who is passionate about helping small businesses launch and grow. His work has been featured in Huffington Post, Entrepreneur, and Forbes.