The Importance of Estate Planning Rochester

Some people like to prepare for their obligations at an early stage. They simply don’t want to leave everything up to chance – and that includes their estate planning efforts. If that sounds like you then you may need a professional to go over your estate as soon as possible.

 

personal financial planning concept – napkin doodle with cup of espresso coffee

Here are some valid reasons why you need a competent estate planning professional on your team.

Why You Need Estate Planning Assistance?

Avoid Conflict Between Beneficiaries – Some people are not aware that they need estate planning, until time catches up and they pass on. The heirs of the deceased will then fight over the estate through legal means. Not only is this unpleasant, but it can be costly too since your heirs will have to get legal help as they enter litigation. There will be bad blood between family if they each feel they were bypassed in division of the remaining estate. This can be avoided through estate planning while you are alive, which you can start on by visiting daviekaplan.com

You May Have a Lot of Valuables to Leave Behind – If life was kind to you while you were alive, you might have accumulated a lot of wealth in your name. But you can’t bring that with you as you cross over to the other side. So, it’s wise to be sure to whom you bequeath your wealth to before you pass on. In addition, even if you were wise enough to create a legal will, there may be some individuals who will contest that. So, you may need estate planning professionals to help you, just in case.

You Might Have Outstanding Debt to Answer For – In an ideal world, you wouldn’t have debts that your heirs would have to pay for. But in these changing times, it is possible to incur a lot of debt while you were alive that you found impossible to pay for all at once. To avoid saddling your heirs with your debts, it is possible for your estate planning guide to help you find ways to pay back creditors out of the estate you will leave behind.

You Have a Valid Life Insurance Policy – You might be wondering why life insurance is in its own category here. The reason is that life insurance can be tricky to handle, once you have passed on. You may have relatives or creditors who want the proceeds of your policy for their own self-interests. For example, you might have a common-law wife, aside from the woman you married, so the life insurance policy might be contested by both women. Often, the life insurance proceeds can be substantial so it isn’t surprising if your heirs fight over it. It can also be made more complicated if you have children with both women. In estate planning, you need to be sure who will receive the proceeds of the insurance so there are no arguments between your heirs.

Your Children are Still Minors – If you do have children, you should acknowledge that you are the parent of these children while you are alive. You should also be careful to appoint a well-meaning guardian for these minors. The guardian must make sure that the proceeds from your estate will be reserved for the welfare of your children. Since there may be adult relatives who might contest your will, the guardian you appoint should have clear instructions regarding how to handle or dispose of the estate. This is especially true if you have set up a trust fund for the education of your children.

You Support Different Charities Financially – If you are a philanthropist, you should leave instructions in your will regarding what financial assets will go towards your preferred charities. Your heirs may contest the amount of cash or valuables you want the charities to receive after your death, especially if these are quite a lot. So, your estate planning professional should help you figure out how to continuously support these charities even when you have passed on.

You Want to Minimize the Taxes on Your Property – The government might be seeking a sizable chunk out of your estate after you pass on, depending on the prevailing laws governing estate tax. You should then work with your estate planner to determine the minimum amount that the government is legally allowed to claim from your estate. It is possible for the government to go after the estate after you have passed on, so you need excellent lawyers and accountants to help you with this.

Final Takeaway

No one really knows when their time will run out. If you are the breadwinner of your family, you will need to do estate planning while you are still alive, to keep things in order even if you’ve passed on. By doing so, your family will be able to survive with the wealth you had while you were alive. It also means that your relatives, close friends, colleagues and creditors won’t need to quarrel or pursue litigation when it is time to dispose of the estate. You do need a capable executor of the estate though. With the right estate planner, you can rest assure that your property will be managed well and peacefully divided between your heirs.

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Author: Chakraborty

Dr Chakrabarty is the Chief Innovation Officer of IntuiComp TeraScience. Earlier she was Assistant Professor of Delhi University, a QS ranked university in India. Before that she has held research positions in IIT Mumbai, IIT Chennai and IISc Bangalore. She holds 2 patents and over 20 research publications in her name which are highly cited. Her area of research is in smart technologies, integrated devices and communications. She also has a penchant for blogging and is an editor of Business Fundas.