What are the Benefits of an Estate Plan?
Have you ever wondered if you need an estate plan? Read on to gain an understanding of the benefits an estate plan can provide.
First and foremost an estate plan gives you of control of the distribution of your assets after your death. You can specify which beneficiaries should receive which assets and in what proportion. Trusts and other legal structures can safeguard your assets to help ensure that they are passed on as you intend.
An estate plan can help protect your assets from creditors and other claimants. Proper estate planning can help reduce estate taxes, gift taxes and income taxes. Additionally, an estate plan can potentially prevent your estate from going through probate which can be a lengthy and expensive process.
If you have dependents an estate plan can help ensure that they are cared for in the event of your death. You can name the guardians for minor children and provide the financial support of loved ones who depend on you.
In summary an estate plan can help protect your assets, help reduce some tax liability, and ensure that your wishes are carried out after your death.
The information in this article is a compilation pulled from a variety of sources. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing.