Most people have a misperception about estate planning and fail to take the proper steps to secure who will inherit their assets after they have passed. According to the legal team at Stephen S. Choi | Attorney At Law in Honolulu, HI, estate planning isn’t something you should put off—handling your affairs now can have a significant impact on the future of your family. To garner a better understanding of this important legal process, consider the benefits below.
3 Reasons Estate Planning Is a Must
1. Protecting Your Assets
When you pass, your assets become vulnerable unless you specify who they should go to. If you have already decided who you want to inherit your properties, valuables, and other assets, estate planning provides the protection to ensure they go where you want them or to ensure they don’t go to certain individuals, such as in-laws or ex-spouses.
2. Distributing Finances Correctly
Planning your estate will also ensure that your bank accounts, stock portfolios, and retirement accounts are distributed correctly. In some cases, you may want your finances to be dedicated toward college funds or paying off certain debts—but without creating explicit restrictions in your will, they could be spent however the inheritor sees fit.
3. Helping Your Family
Most importantly, estate planning ensures your family is taken care of should something happen to you unexpectedly. Having your finances and assets organized ahead of time will provide your loved ones with a support system to help them pay for future expenses.
Don’t put off estate planning any longer. The team with Stephen S. Choi | Attorney At Law can help you prepare the necessary documents to ensure your future and family are protected. Give them a call at (808) 286-4248 today to schedule a consultation and visit their website to learn more about their practice.