Planning for your death can be difficult, time-consuming, and confusing. There are so many details to consider when it comes to estate planning, and most people are unaware of exactly how and what they should do to ensure their estate is in order and their family is provided for.
There are many benefits of estate planning, namely the creation of a last will and testimony, which allows Elizabethtown clients the opportunity to specify how their estate will be distributed upon their death. However, that’s not all an estate plan can provide. Keep reading to learn more about the benefits of estate planning.
1. Estate planning can establish financial security for your loved ones after your death.
One of the most important aspects of estate planning is preparing for your surviving spouse and family. To ensure they will be financially provided for, be sure to discuss your options with one of our estate planning attorneys.
2. Estate planning will take the burden of decision making off your family’s shoulders.
By detailing your wishes for your funeral arrangements in your estate plan, you will be able to reduce additional suffering and grief of your loved ones after your death.
3. Estate planning can reduce estate taxes.
When estate planning, you should speak with your Elizabethtown attorney regarding your potential estate taxes. You can make the financial decision ahead of time to reduce and even eliminate your estate taxes altogether!
4. You can create a trust for your family or favorite charitable cause during estate planning.
If you want to provide for your family after your death in a permanent fashion, consider establishing a trust or an ongoing legacy during your estate planning. Additionally, you can create a charitable trust or private foundation for your favorite cause to ensure it will have an endowment for years to come.
5. Estate planning will ensure your young children are cared for by someone you trust.
To ensure your children are cared for someone you trust, be sure to include this in your plan. If you do not have an estate plan and you and your spouse are involved in a life-ending accident, you do not want the courts to decide who will raise your children.
6. Plan for any kind of incapacity with an estate plan.
If you become mentally or physically incapacitated and unable to manage your affairs, an estate plan will outline who you choose to act as your power of attorney. This will ensure that someone you trust will be in control of your estate, and not someone chosen by the state.
7. Estate planning will protect your retirement accounts.
When it comes to retirement accounts, estate planning can help ensure your designated beneficiary receives your retirement account funds after your death.
Clagett and Barnett Attorneys at Law in Elizabethtown Can Help With Estate Planning
As you can see, estate planning should be an essential part of everyone’s life. And with the help of our attorneys, you can be guided clearly and confidently through every step of the process. Just see what our clients have said about us in our reviews.
If you’re ready to get your affairs in order and ensure that your loved ones and assets are cared for after your death, call Clagett and Barnett today at (270) 900-0533 to schedule your first appointment or fill out the form below.