Many people think that estate planning is only for the wealthy. They imagine millionaires divvying up their mansion and land to heirs. While this is an example of estate planning, you don’t have to be rich to take control of your assets. Estate planning is really for anyone over the age of 18 that wants to determine to what people or causes they want their assets to be given to should something tragic happen. Estate planning attorneys will help you through the process. In this video, you will learn about the benefits of estate planning.
The main benefit of estate planning is peace of mind. You can be certain that those you love are taken care of when you pass. Another benefit is that you save them a lot of trouble by specifically spelling out what should happen. This avoids the probate process which can be tiring and time-consuming. Lastly, there may even be some tax benefits to estate planning. Depending on how you set it up with your attorney, you may not be taxed on those assets. For example, any assets that are no longer accessible to you, you won’t be taxed on.