Protecting Your Business and Family with an Estate Plan
In basic terms, an estate plan is something that will determine to whom your properties and assets will be distributed after your passing. Think of it as a list, naming the people who will own your home, your car, your business, etc., after you have gone to the pearly gates. Besides minimizing any occurrence of conflict amongst your family members, it will also clarify who gets what, no questions asked.
If the thought of an estate plan frightens you, it’s best to tackle this matter head-on and make sure that your properties and assets are safe from any unwanted candidate. Furthermore, an estate plan will also safeguard your loved ones from any trouble caused by any future legal concerns. Here are five reasons why you should have an estate plan:
It Provides Your Loved Ones a Peace of Mind
An estate plan is meant to provide your loved ones with peace of mind. Your loved ones may feel that they have to fight over property that is already mortgaged or encumbered, causing undue stress and anguish. By having an estate plan, they will know that their inheritance is protected.
It Gives Clarity to Who Will Own Property and Assets after Your Death
Only you and your family know the ins and outs of your property and assets. By merely stating to whom those properties and assets will be handed over, it allows for clarity on what is to be owned after your death. If your estate plan is unknown, your relatives can revert to a state of confusion when it comes to settling your estate.
It Protects Your Family from Unwanted Relatives
Your estate plan can serve as a barrier for any unwanted relative from inheriting your property. It can help you keep your properties from any relative you don’t want or any relative who does not deserve your property in the first place.
It Helps You Avoid Legal Trouble
A properly written estate plan will also protect you and your family members against legal trouble. It will remove the possibility of conflict amongst your loved ones, especially if your estate plan is to be executed in a timely manner.
It Maximizes the Use of Your Tax Exemptions
If you have specific heirs in mind, your estate plan must be executed in a timely manner to maximize your tax exemptions. Therefore, it is important that you discuss the matter with your family members to confirm who you want to inherit your properties as soon as possible.
It Saves You from Trouble from Your Estate Administration
The stress brought about by your estate administration requires a skilled and experienced expert to handle your case. Without an estate plan, you will be looking for a lawyer to help you clarify properties in your name.
It Allows You to Avoid the Pitfalls of Having an Estate Administration
An estate administration gives you the headache of traveling back and forth from your home to meet document requirements. An estate plan takes care of these matters, making it easier for you to settle your estate.
Above are the reasons why you should have an estate plan. It provides your family with peace of mind, clarity, and protection and makes it easier for you to protect your estate from unwanted relatives and legal troubles, amongst other advantages. In such a case, the best time to make an estate plan is now!
If you are looking for a well-trusted estate planning attorney in Colorado, look no further than our experienced practitioners here at Estate Planning Lawyers Colorado. We specialize in wills, trusts, probate, and legacy planning. Call us today and let us handle all the estate planning tasks for you.