For many homeowners, estate planning is a concept reserved for the wealthy. In actuality, an estate plan benefits everyone who wants to protect the interests of their loved ones, regardless of their income. Galvin Realty Group in Rochester, NY, specializes in asset management, and they help their clients understand the process of estate planning and the importance of being prepared.

FAQ: Estate Planning & Why It Matters

Who Benefits From Estate Planning?

Anyone who has a family and financial savings or other assets will benefit from estate planning — you don’t have to be rich or live in a luxurious mansion. If you have something you’d like to pass on after your death, estate planning is the only way to ensure a smooth inheritance.

What Happens If You Don’t Have a Plan?

In the event someone passes away without an estate plan, their loved ones will be sent to probate court. This time-consuming and expensive process involves looking at the will, assuming there is one, and dividing assets among heirs and potential creditors.

How Do You Make An Estate Plan?

Proper estate planning involves a lot of paperwork and legal terminology, so a professional understanding of estate taxes and asset management is necessary. You’ll want to hire a professional with at least three years of experience, and it’s essential for them to be trustworthy and make your best interests a priority. They’ll look at your family situation and evaluate your assets. A property tax service will work with you to minimize estate taxes and develop a plan you’re happy with.

Estate planning involves being prepared for death, but it doesn’t have to be a morbid process. With help from Galvin Realty Group, estate planning offers reassurance and peace of mind knowing your family will be well taken care of. Call (585) 546-1290 to speak with a professional about your estate, and visit their website for more information.