Discussing what will happen to your family after your death can be difficult, but an effective estate planning strategy ensures their needs will be met. The team at Granville, OH, law firm Vernau Law, LLC find that many people overlook this process, which leaves their loved ones in a difficult position. Estate planning is the only way to ensure your wishes are upheld, and your family is cared for.
3 Reasons to Start Planning Your Estate Now
If you pass without a will in place, your estate will go through probate court to determine who is eligible to inherit and what property is available. This lengthy process can create family conflicts and may deprive relatives of the financial resources they need. In some cases, former spouses may be able to claim an asset you did not want them to have. Establishing inheritances is an essential part of estate planning because it ensures everything is distributed in accordance with your wishes.
Avoiding Inheritance Taxes
One of the primary benefits of estate planning is providing for your family in your absence. Without a plan in place, your loved ones may be required to pay exorbitant taxes as property and accounts are transferred to them. This tax bill can eat into the financial cushion you intended to provide. Working with an experienced lawyer can help you reduce or circumvent this burden.
Protecting Your Medical Wishes
If you become incapacitated, your family has the right to make decisions about your health, including whether you should be on life support, receive blood transfusions, and undergo potentially risky operations. If you have strong feelings about extraordinary life-saving measures, you need to express your wishes in writing to ensure they are upheld. Your estate planning options include naming a guardian or creating a durable power of attorney, so you have control over who can make or reinforce decisions on your behalf.
Planning for the unexpected is the best way to protect your interests and provide for your loved ones. The legal team at Vernau Law, LLC offers comprehensive estate planning services and will work with you to draft documents that express your wishes and fulfill your family’s needs. Call (740) 587-2637 today to schedule a consultation and visit the firm’s website to learn more about their practice.