Preparing for the unexpected is important, especially when you have multiple assets and beneficiaries. Estate planning provides for your loved ones after your passing or incapacitation. A well-drafted document offers security for your family and protects against exorbitant taxes, drawn-out legal disputes, and unscrupulous entities.

What Is Estate Planning?

The process allows people to preserve, manage, and distribute their assets after their passing. While it may sound like it’s only for the wealthy, these documents are essential to anyone with properties, cash, stocks, pension, and life insurance. Assets, including financial obligations, must be allotted equitably or equally among named recipients, which may sometimes include charities and non-profit organizations.  

Why Is It Essential?

With estate planning, your family doesn’t have to go through probate proceedings, which is often costly, time-consuming, and taxing. A sound plan places someone in charge of distributing assets to those named, preventing family discord and expensive legal battles. It also protects beneficiaries, minors, and adults against wrong decisions and external influences from others. Through this process, tax liabilities, such as estate or inheritance, may be reduced or eliminated when properties have already been apportioned.  

How Do You Start & Maintain an Estate Plan?

It’s best to consult with an estate planning attorney on how to construct a sound will and trust, which may be applicable in certain instances. You’ll need to name someone to handle your finances and review beneficiary forms periodically and update them. The designated beneficiaries will trump whoever is indicated in your will. Compile all the updated documents and keep them in a secure location.

There’s no better time to prepare for the future than now. For assistance with estate planning, turn to the professionals at Galvin Realty Group, Inc., in Rochester, NY. This commercial agent has been providing asset management services in Monroe County and the surrounding areas since 1987. Call (585) 546-1290 to speak with one of their representatives or visit the website for more information about their background and expertise and how they can assist.