December 10, 2021
Benefits of Estate Planning
If you are the breadwinner of the family, you must always be finding ways to keep everyone happy. Planning vacations, getting presents, and taking care of every little need of your loved ones. However, as you get financially stable, it is best to take up estate planning. It may not be as exciting and joyful to prepare for your own demise, but it is necessary to protect your family. Contrary to what most people think, estate planning is not just for the rich or the old. Planning your hard-earned finances and strategizing their future can be very beneficial for your family after you are gone.
Let us see some of the benefits to consider estate planning–
- Provides Financial Support: An estate plan provides clear instructions through the will of how someone would handle your finances after your demise. Moreover, if you use tools like insurance, your heirs can liquify them without having to go through probation. Financial obligations can take a long time and cause a lot of stress. Having an estate plan that becomes a substitute for the income you provided to your family is like the ray of sunshine after hard storms.
- Clears Legal Formalities: There is a lot the family of a demised person needs to handle. It is hard to keep your head and heart strong with the grief of losing a loved one. Additionally, legal advisors find their way to them to conclude the legal formalities of the departed. Having an estate plan in place streamlines all legal and financial necessities. When you have a strategy in your hands, your loved ones can easily move on during such times.
- Simplifies Asset Distribution: An estate plan includes a will in which you can mention everything you intend to do and get it legalized. If you do not write the last testament, your assets go through probation, which is a lengthy and time-consuming legal procedure. Once you prepare your estate plan, the probate court shall distribute the assets as directed by you without getting in between. You can also name guardians for your minor children, caretakers for your dependent parents, and information for any charity that you might want to donate to.
- Plan For Medical Decisions: Life is unpredictable. Accidents and diseases come unannounced, especially when you are not prepared for them. An estate plan also includes the directions and details regarding your health status. In case you shall become legally incompetent, your loved ones would have instructions on how to take care of you. However, you need to set up the estate plan before you are declared legally incompetent. Legally incompetent is the condition when your mental state is poor, and you cannot make the correct financial and legal decisions for yourself.
- Reduces Federal Taxes: Federal taxes on properties have been known to be very high. Fortunately, estate planning includes tools like trusts and life insurance to help you reduce the federal taxes on your assets.
About Castle Wealth Group
Contact Castle Wealth Group for all your estate planning needs. We build a perfect strategy for your retirement, including income planning, investment planning, tax planning, health care planning, and legacy planning. Visit our website or call us at 844.885.4200 or email us for your financial advice.