Though it may not be the most pleasant thing to think about, working through preparations for when you pass away is one of the most important things you can do. Crucial to this is estate planning, which is the process of determining who will receive your assets when you die. Though it can be tedious at times, with enough patience and a Hoffman Estates estate planning attorney, you can form a solid plan that will ensure your assets are properly distributed in a way that benefits all parties. Here are a few reasons why this process is so crucial.
It Simplifies Distribution
If you die without an estate plan in place, no one will know what your wishes are as they pertain to your assets. When it comes to potential heirs, then, this could create a lot of strife and turmoil as they each seek to gain their own piece of the pie. Though many families are able to peacefully split up assets with or without an estate plan, having a Hoffman Estates estate planning attorney assist you with a plan removes any chance of infighting.
It Protects Your Young Children
If you have children under 18, having a will as part of your estate plan is one of the most crucial documents you can put together. If you don’t have a will and both you and your spouse die before your children turn 18, a judge will decide who will gain custody of your children. Depending on the circumstances, this could result in an undesirable situation for your children simply because you failed to plan on their behalf.
It Avoids Taxes
One of the biggest downsides of inheriting assets is the taxes that come along with that inheritance. However, with proper estate planning, inheritance taxes can be greatly reduced or even entirely eliminated. It all comes down to how and when the property is distributed to fit within certain tax laws relating to capital gains. If you have an astute estate planning attorney, your heirs will be able to benefit from the full value of your assets. For quality estate planning, contact the skilled attorneys of Casement Group, P.C.
