Every person has increasing concerns about the future as they grow older. They worry about the welfare of their family and the state of their finances after their death. Estate planning is a process through which they make decisions regarding the management and distribution of their assets in the event of incapacitation or death.
Every individual needs to have an estate plan regardless of their wealth. Comprehensive estate planning can benefit you and your loved ones in several ways. The guidance of a Moorestown NJ estate planning lawyer is necessary to ensure that your estate plan is free from errors and details all your wishes appropriately.
What if you do not have an estate plan?
- The government is in control of your estate.
If a person dies intestate or without a will, the state’s intestate laws will be enforced. Your property will be distributed amongst your spouse and legal heirs, depending on the laws. The court appoints an executor to make personal decisions regarding your estate. The decisions they make may differ from the wishes of the deceased individual. A proper estate plan ensures that you control the distribution of assets and that your wishes are carried out.
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- Your child’s future is not protected.
The court may appoint a person you do not trust as the guardian to look after your child and manage their finances. With the help of an estate plan, you can choose the right person as a guardian that will raise your minor child, keeping in mind their best interests. When children receive their inheritance at the age of 18, they are young and may make immature decisions. You can control when your child receives their inheritance by setting up a trust.
- Beneficiaries have to pay higher taxes.
Beneficiaries such as spouses and heirs have to pay taxes on inheriting your estate. A well-developed estate plan helps reduce the amount of taxes they will have to pay. It also reduces the risk of probate and avoids unnecessary court costs. Without the plan, they are bound to pay excessive taxes that lower the amount of wealth they receive.
Consulting an experienced estate planning attorney in Moorestown, NJ, is a must to protect the future of your loved ones. Their expertise enables them to provide you with personalized advice based on the unique circumstances that will make the process simpler and smoother for you.
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