Many people think that estate plans are only necessary for the wealthy and elderly. However, preparing for the future can benefit people of all ages and financial backgrounds. While plans are designed to meet individual goals, they all address important issues that arise once someone passes or becomes incapacitated. Here are a few reasons to consult an estate planning attorney and get your affairs in order.

Why Everyone Needs a Solid Estate Plan

1. Retain Control of Your Assets

No matter the size of your estate, it’s likely you have assets that hold monetary and sentimental value. You’ll want to carefully choose beneficiaries to inherit those assets on upon your death. If you don’t leave an estate plan with detailed instructions, Hawaii law decides who gets your property. Creating a will or trust with an estate planning attorney is necessary to ensure your assets are distributed according to your wishes.

2. Be Prepared for Unexpected Events

Life is unpredictable, and an estate plan is essential for preserving your loved one’s interests in the event you suddenly pass away. If you have minor children, drafting a will gives you the authority to name a guardian who will care for them. With a power of attorney and health care directive you can appoint an individual you trust to make financial and medical decisions on your behalf if you become incapacitated.

3. Minimize Estate Taxes

In some cases, state and federal taxes can absorb a substantial part  of an estate. This means that your beneficiaries’ inheritance may have to be used to pay tax liabilities. Your estate planning attorney can help you implement different strategies that will reduce or eliminate the tax burden your heirs are faced with..

If you’d like to get your affairs in order, contact the Law Office of Dawn N. Murata LLLC in Lihue, Hawaii. These professionals serve residents throughout the State of Hawaii and have over 20 years of experience.  They will help you navigate the complexities involved in putting together a plan and offer sound legal counsel. View their services online, or call (808) 245-4572 to schedule a consultation.