An estate plan will carry your family through a difficult time after you pass on. The plan will become part of the legacy you leave behind – your personal instructions for how you wish to parcel out your land, home, business, vehicles, and other assets. It can also protect your assets during your life. Having an estate plan is important for everyone, at any income level. If you’re unsure whether you need to create an estate plan in Duluth, consider these four benefits of having one.
Protect Yourself
An estate plan doesn’t only map out end-of-life details; it also gives directions in the event that you become incapacitated or otherwise cannot make your own decisions. If you end up in a medical coma, for example, your estate plan can give directions for your personal representative on how to proceed. It is a critical legal document to have if you wish to designate someone – such as a power of attorney – to take charge of your healthcare in these situations. Creating an estate plan can give you peace of mind that your future care is in the hands of someone you trust.
Avoid Probate Court
Probate is a notoriously drawn-out court process that is generally necessary if someone passes away without leaving behind an estate plan. Surviving family members and beneficiaries will have to attend probate court, in which a judge will decide how to allocate inheritance and assets. Almost anyone could have a stake in what you leave behind during probate – even distant relatives or hidden heirs. A probate plan typically eliminates the need for probate, saving your loved ones from this time-consuming and unpredictable legal process.
Minimize Taxes
Estate planning tools can allow you to transfer large amounts of money to family members upon your death without exorbitant taxation. You will not have to pay a transfer tax if you leave money to family members in an estate plan. Your attorney can help you create a wealth transfer plan that minimizes the tax costs of the exchange. This will help your loved ones receive as much money from you as possible.
Make Sure the Law Carries Out Your Wishes
An estate plan puts you in charge of the life you’ve built. Don’t leave the future ownership of your precious valuables, family heirlooms, or beloved home up to chance. Put all your wishes in ink, documented by a notary, in an estate plan in Duluth. With an estate plan, the courts will obey your last wishes, avoiding problems for your loved ones and protecting your assets for future generations.
An estate plan lets you provide financial support for your family after death, preserves your wealth, and helps you do things such as supporting favorite charities. If you wish to schedule a consultation with one of our Duluth estate planning attorneys, contact us today.