Many people make the mistake of putting off estate planning. They think it can wait until they get older, acquire more assets, or have more time in their schedule. Unfortunately, unexpected events cut lives short every day, leaving a large number of families to cope with immense grief and the mystery of their late loved one’s last wishes. Because life is unpredictable, it’s essential to start thinking about settling your affairs sooner rather than later. According to the Wallingford, CT, estate planning lawyers at Loughlin Fitzgerald, PC, an estate plan should be a top priority for every adult. Here, they discuss some of the most important reasons to be proactive.
3 Reasons to Prepare for the Future With an Estate Planning Lawyer
1. Asset Distribution
Estate planning allows individuals to leave clear instructions as to how they want their assets distributed in the wake of their death. By outlining who your beneficiaries are and exactly what you’re leaving them, you will remain in control of the estate’s allocation. This eliminates the possibility of your property ending up in the wrong hands.
2. Guardianship of Minor Children
If you have minor children, planning your estate is crucial. Drafting a last will and testament is the only way to appoint a guardian to take care of your children should you become incapacitated or pass away. Without this document, the court decides who will raise your children. To avoid this, consult an estate planning lawyer and ensure the court will recognize your wishes.
3. Estate Taxes
Taxes can take a large chunk out of your estate, which means your beneficiaries won’t receive as much of an inheritance as you intended to leave them. A few estate planning techniques will reduce the amount of taxes your estate owes, so you can transfer a greater portion of your assets to your loved ones.
Planning your estate will give you full control over what happens to your assets after you die and allow you to make sure your family is provided for. An estate planning lawyer from Loughlin Fitzgerald, PC will help you put together an estate plan that holds up in court and minimizes the chances of conflict between loved ones. With their assistance, you can rest assured your documents will be error-free and executed correctly. Contact their office at (203) 265-2035, or visit them online for more information.