There are many benefits to creating a valid estate plan, including ensuring that your final wishes are upheld. Without an estate plan, your estate is not protected from Utah’s intestate succession laws, and therefore, must go through probate. Probate is a costly, public, and very time-consuming process that most families wish to avoid at all costs. Today, we go over the reasons why it is so important to establish an estate plan.
Main Benefits of Estate Planning
An estate plan makes sure that your loved ones are taken care of when you die. It also helps your beneficiaries avoid certain taxes and other legal requirements when it comes to divide your property. Here are some additional benefits of estate planning:
Gives your family peace of mind
Without an estate plan in place, your loved ones will not know what to do with your assets and property. They will need to determine who inherits what, which could lead to disputes and other issues among close family members. This is the last thing they want to do while mourning their family member’s death. One of the main benefits of an estate plan is that you are responsible for what happens to your estate after you die.
Additionally, if you become incapacitated, your family will need to make important medical decision on your behalf. An estate plan includes information about your final wishes in the event of incapacitation. Without one, your family will be forced to make these decisions for you, which could go against what you would have wanted.
Helps protect your family and loved ones
One other aspect of estate planning is determining who will care for your children in the event you die or become incapacitated. As this decision greatly impacts your children’s lives, it would be best if it were determined by you instead of the court system.
You can also protect your family members and loved ones by safeguarding their futures with an estate plan. This allows you to choose who will inherit certain aspects of your estate to make sure they are provided for after you die.
Reduce taxes and other legal fees
Your beneficiaries will not need to go through the probate process with a valid estate plan in place. The probate process includes court fees, legal fees, attorney fees, and more, which could significantly reduce the amount of money your family can inherit from you. Additionally, probate takes time, which means your beneficiaries will not be able to collect their inheritance in a timely manner.
You can also make a bequest or gift a beneficiary something as part of your will. This might include a prized car, family heirloom, favorite painting, or a collectible.
Continue a business legacy
If you wish for your business to continue after you die, you can include instructions about who will inherit your business in an estate plan. Without one in place, you business could fall apart, which could harm your family financially if they relied on that company for income. Additionally, it would be helpful to include some information about running the business for whomever inherits it so he/she can understand how the company functions.
To learn more about our estate planning services, contact us online or call our office at (801) 901-7046.