The Reasons Behind Estate Planning Is Important
Life in the 21st century has many ups and downs and sometimes it throws you a curve, knocking you off balance. It is why estate planning is so important – getting your possessions under control. The sooner you start planning the better, because nobody knows what the next hour will bring, let alone tomorrow.
If you were to die today, how are your assets going to be distributed, and to who? How are your assets currently being managed?
Your assets are all the things you own – your cars, your home, your insurances and your jewelry. The most basic aspect of estate planning is having a will. The will stipulates who gets what. The law office of Stanton D. Goldberg knows that estate planning provides peace of mind because you’re providing for your family after you’ve passed on.
Always look for reputable lawyers. With Stanton D. Goldberg estate, planning is far more than drawing up a will, and they provide their very able help with all kinds of estate planning so that the future remains bright for your family.
If you die without a will, you’ve died intestate. It means that the intestacy laws of the state will decide how your property is distributed after your death according to whether you were married, single, had kids or not. Most times your property is split among your so-called heirs – uncles, aunts, etc. Without a will, some of your possessions might land up in the hands of some distant family members you couldn’t stand.
There are a few reasons why estate planning is so crucial-
1. Good Education for your Children
Imagine your young, intelligent children not being able to study and to reach their dreams? Estate planning can see that your children have a good education when you’ve passed away. If you don’t make provisions for your children’s future, they could end up as adults without a job and without a goal. If you don’t have sufficient assets to secure your children’s financial future, you could buy a term life insurance policy – an excellent choice for protecting your children’s future.
2. Family to get Assets
After you’ve died, would you like to think that all you’ve worked for is going to land in the hands of your spouse’s new partner? Estate planning will ensure that your assets go to your children rather than to your spouse’s new husband or wife.
3. Offshore Assets
If you’ve got offshore assets, it means your foreign estate will need to be administered. Your will might not meet with the legal requirements of the country where your assets are situated and you may need to execute a separate Will dealing with those assets.
4. Living Will
If you have no intention of being kept alive on life support while being brain dead, a living will stipulates what your wishes are regarding the medical care you receive or prefer not to receive.
Without estate planning in place, your family could crumble financially. Good estate planning will make sure that your family is provided for so that they can continue to live the life they’ve been used to, and not left to face financial ruin once you’re gone.