It’s an aspect of life that many people don’t like to think about, but one day, we will all pass away. Who will decide ownership over your wealth: the state, or a rock-solid estate plan drawn up by skilled finance professionals like David Barcomb?
By opting for the latter, you will have complete control over who inherits your property and financial accounts. If you aren’t fully convinced, allow us to make our case below…
You control where your assets end up
If you think you don’t need a plan because you think that your next of kin will automatically get your property or investments, think again. In the absence of an estate plan, the ownership of these properties will be decided by a court of law.
Given the backlog of cases in many court systems across the country, this can take years to sort out. What’s more, people that may have not been present in your family’s life can end up getting assets they may not necessarily deserve. An estate plan lays out in no uncertain terms who gets what.
Reduce family infighting over inheritances
When contemplating what will happen to your loved ones, there is nothing sadder than the thought that they might tear each other apart over the distribution of your assets.
By drawing up an estate plan that outlines how much each family member gets, you will be making your intentions crystal clear, and not leaving it to your family to go to war with each other over your money and property.
Protect dependents from financial concern
While it is true that both heads of a household earn income these days, it may be the case that you earn significantly more than your partner.
Even if you earn about the same amount as your spouse, the effect of having your household income halved could put them and your children under a great deal of financial strain.
Having a rock solid estate plan in place ensures that your assets will be delivered to their accounts as quick as possible, which will remove financial worry for the foreseeable future.
Limit the tax burden shouldered by those that inherit your wealth
The only certainties in life are death and taxes. Your loved ones will have to deal with both upon your passing, as many states (as well as the federal government) impose a variety of estate taxes on inheritances.
A well-constructed estate plan will help minimize this tax burden, ensuring that they get as much of your wealth as legally possible.
You get to help charitable causes
You might have so much wealth that you may want to dedicate a portion of it to a philanthropic cause. No court in the land has the ability to determine which charity to support over another. By making it abundantly clear in your estate plan which cause you wish to support, you can make a positive difference in the world even though you are no longer physically part of it.