Monday 19 October 2015

Top 8 reasons why you need an estate plan, immediately

Estate planning is a process which involves your assets and various forms of titles and ownership that those assets may take.  This process addresses your future needs in case you become unable to take care of your estate and assets.  Estate planning is not just about writing a will but is a much broader term and process. Irrespective of whether you own a small or big estate, you need estate planning and preferably with the help of an estate planning attorney. The following are the top 8 reasons why you need an estate plan, immediately!

  • To provide financial stability and support-one of the main reasons why you need an estate plan is to provide support and financial stability to your surviving spouse, children and even other members of the family including your grandchildren.
  • To carry out your last wishes-another reason for being involved in estate planning is to carry out your last wishes in the case when you are no longer able to manage your own affairs.
  • To protect the privacy of your family-another main reason why you may need estate planning is to protect the privacy of your family since an estate plan is designed to prevent your will from becoming a public record.
  • To preserve your wealth-estate planning when done on the right time can help you preserve and secure your wealth for your future generations and avoids it being handed over to the law.
  • To support a favorite charity-through an estate plan, you can also distribute your wealth to charities or designate it as a gift to someone or for a noble cause.
  • To distribute assets in a timely way-another important reason why you need an estate plan is to be able to distribute your properties and assets to whoever you want in a timely manner and with minimum amount of legal hassle Estate planning attorney Virginia.
  • To avoid any kind of problems for your loved ones-estate planning when done on the correct time can also help you avoid any kinds of problems that may be caused to your loved ones.  This can be done by ensuring that the beneficiaries named on your life insurance as well as the retirement plans are still the people who you wish to benefit.
  • To minimize expenses and taxes-another important reason to engage in estate planning is to minimize expenses and taxes that can go along with transferring the assets.

Now that you know the importance of an estate plan and that of estate planning, you too must consider doing it on the right time and for the right reasons.  If you are looking for an estate planning attorney or expert, then you can visit http://www.lorrentjohnston.com/estate-planning/trusts-and-estate-planning-attorney-Virginia.html where you can get the best consultation, advice and legal services for trust and estate planning and also for other things like asset protection, business law and will formation. So log on today and hire the best attorney in Virginia.

1 comment:

  1. Estate planning is the process of anticipating and arranging, during a person's life, for the disposal of their estate.
    estate planning

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