No one likes to think about death, but it is something we all have to face at some point in our lives. The state will decide how your assets are distributed if you die without a will. This can lead to a lot of family conflict and confusion. Working with an estate planning professional can help ensure that your wishes are carried out after your death. Many people think they don’t need an estate planning professional because they don’t have a lot of assets. However, even if you don’t have a lot of money, you still need to have a plan for what will happen to your belongings after you die. Here are a few more reasons why you should work with an estate planning professional
They Can Help You Create a Plan for Your Minor Children
If you have minor children, it is especially important to have a plan for their care in case of your death. An estate planning professional can help you create a guardianship plan so that your children will be taken care of by the people you trust. In addition, they can help you set up a trust fund to provide for your children’s future needs. Several factors go into creating an estate plan, and a professional can help you navigate the process and ensure that your plan is tailored to meet your specific needs.
They Can Help You Avoid Probate
Probate is the legal process of distributing a person’s assets after death. If you have a will, your assets will go through probate. This can be a long and costly process. An estate planning professional can help you create a plan to avoid probate. This is especially important if you have a large estate or want to keep your assets private. Research has shown that most people with a will do not have their assets distributed the way they wanted. This is often because they did not take the time to work with an estate planning professional.
They Can Help You Minimize Estate Taxes
Estate taxes can take a large chunk out of your estate. An estate planning professional can help you minimize the estate taxes you must pay. This is especially important if you have a large estate. Many estate lawyers also have experience with estate tax planning. This can be a complex process, and you want to ensure that you have someone on your side who knows what they are doing.
These are a few reasons you should work with an estate planning professional. If you don’t have a plan for what will happen to your assets after you die, now is the time to take action.