Estate planning is considered to be the process of arranging the transfer of your assets in anticipation of your death. Estate planning can consist of the preservation for the maximum amount of wealth for the intended beneficiaries and the flexibility of being able to change those beneficiaries by the individual(s) prior to death. Estate planning will involve preparing a Last Will and or a Revocable Trust in order to designate beneficiaries and to help reduce your estate tax liability if any. Estate planning can help to eliminate uncertainties over the administration of your estate and to get the most out of your estate by reducing your tax burden upon your death.
There are benefits to estate planning that you will want to consider in deciding if estate planning is right for you and your family. One benefit of estate planning is this type of planning can give you piece of mind knowing that your estate will be protected and your loved ones will be provided for. Another benefit of estate planning is when you have the right estate plan in place; it may help you reduce or avoid estate, income and capital gains taxes. Estate planning can allow your estate to go to your beneficiaries without the long drawn-out and costly process of probate. Estate planning may also protect your assets from any lawsuits, creditors, and divorce. Finally, one major benefit of estate planning is this type of planning will allow you to decide who the best person(s) is to manage your affairs. You will need to contact an estate planner to help you come up with the best estate plan for you and your family.