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Benefits of Estate Planning

Benefits of Estate Planning

The Benefits of Estate Planning

It is a common misconception that estate planning is only for the extremely wealthy. Many think that it is only those with a substantial fortune that should take the steps to protect it. In reality, most people can benefit from the use of one. An estate plan allows for the preparation of any unexpected situations that arise. Many people have something that they have worked hard to achieve and this can be lost if you are not proactive. In the event that you pass or are no longer capable of making a decision in regards to your estate, there is a documented plan of what you would prefer to happen.

This can be for those that become disabled and do not possess the mental functioning to determine what steps to take. You can also name the person that you want to carry out the duties of the plan. When a person's estate comes in to question, there can be a lot of red tape and many legal issues. Developing a plan prior to this situation can help avoid assets from being affected by creditors, lawsuits and other issues. Estates are known to come with many taxes and a well formulated plan can reduce a number of these.

Probate is often a long, drawn out process. It can be challenging for loved ones to go through, especially when they are simultaneously dealing with a great loss. An estate plan can also prepare for this and take precaution against any matters that could set the process back. For those that have beneficiaries that are to receive assets, they can avoid losing some of it or losing their government assistance. An inheritance can come with terms and this will allow you to release the inheritance only if certain conditions are met. This could be that a child attends college.

If your spouse remarries after you have passed, planning can protect the inheritance of your children so that it is not lost in the new marriage to other children. One of the greatest benefits that is gained by those who plan for the future of their estate is that they provide a great sense of ease and peace of mind that they know their loved ones and their estate will be protected. An estate is something you have worked for and you want to do what you can to protect it. Speak with the team at The Law Office of Michael J. Brescia, P.C. today and learn more about the ways that we can help you. Fill out a form on our site and we will provide you with a free analysis.


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