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Estate planning plays an integral role in protecting your family and final wishes should you pass away or become unable to make sound decisions. Regardless of your age or amount of assets, having a detailed estate plan in place is essential for many reasons. The attorneys at Davidson Hopkins & Alexander in Jefferson, GA, have helped numerous clients develop solid plans that allow for the efficient administration of their estates. Below, they explain why this practice is so important.

4 Benefits of Estate Planning

1. Control the Distribution of Your Assets

One of the main reasons to create an estate plan is to make sure your assets go to the intended beneficiaries. If you don’t leave instructions behind as to how these assets should be distributed, the courts will take control and make that decision. This leaves the door open for your property to end up in the wrong hands.

estate planning

2. Appoint Guardianship of Minors

If you have minor children, it’s critical to have an estate plan that includes a last will and testament. This will allow you to appoint whomever you wish to be their guardian in the event you pass away unexpectedly. Without a will, the courts will step in and determine who will raise your children.

3. Provide Instructions for Incapacitation

Estate planning is also an essential tool for protecting yourself should you become incapacitated. You will be given the opportunity to name someone you trust to make health and financial decisions on your behalf. If the court is in charge of assigning the responsibility, you may wind up with a legal guardian who doesn’t have your best interests in mind.

4. Minimize Estate Taxes

A great deal of your estate can be lost to taxes if you don’t plan in advance. There are a number of estate planning techniques that can help to eliminate or significantly reduce the amount of estate taxes owed, so you can make sure more of your assets will go to your family.

If you want to ensure your loved ones are taken care of after you’re gone, have a complete estate plan in place. However, the estate planning process can be complicated, so work with an experienced lawyer who will make sure you’ve included all the appropriate documents, so the plan holds up in court. To that end, the professionals at Davidson Hopkins & Alexander are here and ready to help. Give them a call today at (706) 367-5264 to schedule a consultation, and visit their website to learn more about their background in law. 

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