The Benefits of Estate Planning

What are the several benefits of estate planning

Creating an estate plan is a great way to organize your financial records and to provide for your loved ones after you’ve passed away. It also helps to ensure that your last wishes are followed, especially if you become incapacitated. Estate planning also helps to protect your family from creditors, high taxes and other financial problems.

An estate plan can include a will or trust, as well as other strategies to ensure your assets go to the people you want them to. Trusts can help you exercise greater control over your assets, and can also reduce the time and expense involved in the probate process. Trusts are also an excellent way to help a special needs child receive inheritance. For example, if you have a child who is disabled, you can use a trust to distribute property to the child and qualify him or her for public assistance. You may also wish to include charitable giving in your estate plan.

Many people think they’re too young or too healthy to plan for their estate. However, the process of planning is very important, and it can prepare you for a wide range of situations. Estate planning can be especially beneficial if you have children or other special needs, or if you’re planning to combine families. A blended family can also make it more complicated to plan for your estate, but a qualified attorney can help you work through all the details.

• An estate plan may also allow you to gift assets to your family during your lifetime, and it can protect you from divorce. In addition to protecting adult beneficiaries from creditor problems, a plan can also help to prevent arguments and other conflicts between family members. If you have a spouse who is not on board with your estate plan, a lawyer can help to explain your wishes and communicate with all parties. If you want to set up a trust, an attorney can help you do that.
• An estate plan can also help to reduce your tax liability and give your family peace of mind. You can include a 529 plan in your estate plan, and this will remove some of the money from your taxable estate. A 529 plan may also allow your loved one to pay for college or other educational expenses.
• An estate plan may also allow you and your family to receive government benefits that reduce the cost of healthcare and other services. If you have a spouse or significant other with disabilities, an estate plan can help you to receive government benefits as well. In addition, your estate plan may allow you to name a guardian for your minor children.

Estate planning can also help your family avoid the emotional burden of distributing assets. By naming a guardian and specifying your wishes, you can eliminate the confusion and anxiety involved in these decisions. You can also include instructions for your minor children, such as where they will live and what they will eat.

Estate Planning Attorney Free Consultation

If you have any questions or in need a Estate Planning Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.

We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

When you need a Lawyer, contact this law firm:

Parklin Law

5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618–0699
https://www.parklinlaw.com/

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