WHAT ARE THE ADVANTAGES OF HAVING AN ESTATE PLAN?

by Michael Griffin Michael

The benefits of an Estate Planning Attorney will be the primary topic of discussion throughout this article. This essay will attempt to provide an answer to the question "why it is so necessary to have a well-thought-out estate plan in place," which you may have asked yourself at some point in the past.

●      Be A Good Neighbor

Your family may receive less and will have to wait longer if you don't have an inheritance plan in place. As a result, your family members will be left in the dark and at risk of going without the funds necessary to cover their basic needs. In the weeks, days, and years following an untimely death, many families find themselves on the verge of breaking apart due to financial hardship.

Having a well-thought-out estate plan helps ensure that your loved ones are financially secure after your death

●      Stay Away From Child Protective Services For Your Children

Ask yourself what might happen to your children if you or indeed your spouse have been involved in a serious vehicle accident on the way back from work tomorrow.

Consider this for a moment. When they get home from school or daycare, who will be there to drive them back home? Where are they going to sleep tonight and for the foreseeable future? Who will ultimately take care of them? Why Elon Musk Interested to Buy Xvideos

In the absence of an estate plan, you may be surprised by the real answers. Why risk having your children placed in the custody of Child Services while the courts decide who will be their guardian? Why put that choice in the hands of the courts in the first place? Unless you and your husband have a say in the matter, a court will make the final decision on who will parent your children.

●      Maintain A Low-Cost Lifestyle

Does anyone know where most of the money goes if you don't have an estate plan in place? Expenses incurred by the attorney and the court.

In the absence of a will or trust, the courts are required to deal with everything: your property distribution, the custody of your children, and the breakup of your business. Properly administering an estate is called "probate," and even a modest one can easily cost over ten thousand dollars. Instead of being used by your family and children, that money is being funneled into your attorney's coffers.

●      Get Your Family's Property To Them Quickly

Here, you have two choices. Your loved ones may have to wait up to nine months after your death before receiving anything from you. Family members obtain the money individuals need to pay bills, including pay for your funeral and any outstanding medical costs immediately and without delay in option two.

Which one do you think is the best? Avoiding long delays that place a significant financial burden on your family is possible with proper estate planning.

●      Don't Make Your Family Face Difficult Choices

What would you do if you had to decide on whether or not to end the life of your spouse who was in a coma? Or selecting what to do with his or her ashes?

No one should ever have to make judgments like that. You can alleviate this load by planning and thinking about it in advance. You have the option to indicate in your overall plan how you want your final medical treatment and the disposition of your remains handled. Those judgments must be made by you, and no one else.

CONCLUDING REMARKS

If you become incapacitated or die, you have the option to outline how your business will continue if you are no longer able to do so. Make sure you're not doing your family a disservice by leaving loose ends.

Contact them to set up a free introductory consultation with a Reno estate planning lawyer to explore your needs.

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Created on Jun 16th 2022 08:46. Viewed 98 times.

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