In simple terms, estate planning essentially refers to the strategy that one uses in order to determine what will happen to their major assets after their death. These assets can include, but are not limited to, a house, savings and a car. Estate planning can also apply to other things, such as furniture and anything personal to you. You will want to come up with a plan for other people to manage these items in the event of your death as early as possible. There are several benefits of estate planning, and each of these will be discussed in turn below.
Minimal Transfer Taxes
Transfer taxes are taxes that are placed on a sum of money when they are moved from the ownership of one person to another. When making your estate plan, you might decide that there are certain assets that you would like for other people in your family to have possession of. The earlier you make your estate plan, the easier this transfer of money will be. You will have sufficient time to figure out a way to transfer this money so that the number of taxes are reduced, allowing you and your loved ones to save a substantial amount of money in the long run.
Family Wealth Protection
You might have some assets that are extremely important and valuable to you and your family. In a situation like this, estate planning becomes important. Estate planning will make this wealth protected so that none of it can become lost in the event of a lawsuit.
Everything is in Your Control
The future is always uncertain, which can be extremely stressful to think about. However, estate planning can bring you peace of mind to a certain extent. Without an estate plan, the state or other legal entity will make a decision on what happens to all of your assets and personal belongings. Estate planning allows for you to have control over every single aspect of this process, which allows you to make sure that you can get all of your possessions to the places you truly want them to be.
Protection of Your Children
Your children will always be at the forefront of your mind, and you will want to do what is in their best interest. Estate planning allows for you to choose who will be the caregiver of your children until they turn 18 after your death. This allows you to choose people who you trust fully to take care of your children. Without estate planning, your children essentially become a ward of the state, and your family and other loved ones will have absolutely no say in regards to what happens with your children.
Prevention of Disagreements and Fights Within the Family
If you fail to complete estate planning, there won’t be anyone around to decide who in your family gets all of your wealth. Some family members might be in disagreement because they might think that one person has more rights to the money than others. Estate planning can help eliminate this kind of conflict completely.
At Mestayer Law Firm, we are ready to assist you with estate planning. With years of experience, our lawyers know and understand the law so they may help you with any concerns you have, whether emotional or legal. Contact us today.
Mestayer & Associates provides civil litigation for clients throughout the Gulf Coast area including Pascagoula, Biloxi, and Gulfport. If your spouse has asked for a divorce or filed for one, then contact us today and let us guide you on the next steps. Call us today at 228-762-1193 or visit www.pascagoulalaw.com We are your legal experts! You can also visit our office located at 2128 Ingalls Ave. in Pascagoula, Mississippi. We look forward to talking with you!
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This article does not create an attorney-client relationship. I am licensed to practice law in Mississippi and have based the information presented on US laws. This article is legal information and is for entertainment and informational purposes only and should not be seen as legal advice. You should consult with an attorney before you rely on this information. Any information provided in this blog is accurate and true to the best of my knowledge, but that there may be omissions, errors or mistakes.