Estate planning is not a very comfortable topic for a lot of people, and you may not have given it much thought until now – but every adult over 18 years of age really should have one.
There are many benefits to making an estate plan. Here are the top three:
1. You can make sure that your assets go to the right people
Many people die without a valid estate plan. When this happens, it is known as dying “intestate.” That means that the state will step in and control the distribution of your estate according to a legal hierarchy, and that means you have no control over where your assets (including personal mementos) will go.
2. You can name powers of attorney for your end-of-life needs
Estate planning is not all about asset distribution. One important factor of estate planning is naming powers of attorney. These documents allow the person or person named to manage your financial matters or direct your health care (or both) if you are unable to do so yourself. That can be a critical part of making certain that your end-of-life wishes are met.
3. You can minimize estate taxes
One of the biggest reasons an estate plan is necessary is that it helps you preserve wealth and create a legacy that will benefit those you love. Tax mitigation strategies can be built into your estate plans so that your heirs – not the state – benefit the most.
If you are ready to make an estate plan, contact Quinn Law Firm at 814-833-2222 for more information. You can learn more about your options and get the estate plan you need to accomplish your goals.