Regardless of your age or how many assets you have, estate planning is beneficial for a variety of reasons. Thorough preparation will provide financial security for your loved ones after your death, as well as outline your final wishes concerning many important topics. As the leading estate law professional in Bel Air, MD, J. Paul Krawczyk Jr. has helped a number of clients make sound decisions that will protect their future. Below, he goes over some of the top reasons to start the estate planning process as early as possible.
Estate Law Expert Explains the Advantages of Creating an Estate Plan
1. Ensure Your Assets Are Distributed Properly
Without an estate plan in place, there is uncertainty about how assets should be distributed. Typically, it is left up to the courts to resolve how to allocate your property, which means it could take much longer for it to be delivered or end up in the wrong hands. There is also potential for conflict to ensue among your family members in situations where there isn’t an estate plan to refer to.
2. Establish Guardianship for Your Children
If you have minor children, it becomes even more essential to have an estate law expert help you write a will. This document gives you the opportunity to name a guardian for your children in the event you and your spouse pass away at the same time. If this is not included in your estate plan, the courts will have the responsibility of deciding who should raise your kids.
3. Avoid Costly Fees
When a person doesn’t have an estate plan, it’s common for a good portion of their money to go to court costs and attorney fees. This means there won’t be as much left over to distribute to the family for living expenses and other financial burdens. Estate plans minimize the costs associated with transferring property to beneficiaries.
Estate planning is not just for the older generation or the wealthy, as these benefits can apply to almost anyone. Having your wishes explicitly defined in legal documents will give you peace of mind that your loved ones will be taken care of even when you’re no longer around. Contact J. Paul Krawczyk Jr. at (410) 420-0751 to get started today. With over 20 years of experience, his practice will ensure all of your assets are accounted for in clear terms. Visit his website to learn more about his extensive background in estate law.