If anyone has ever been immortal they have kept it a well-guarded secret, because that just isn’t how the life cycle works. Part of this cycle includes taxes and death and it is inevitable. Having established the fact that you will die, it only makes sense to start preparing now, for unforeseen events and tragedies that can leave everyone devastated should you have an untimely death. Having adequate protection for those you love is protecting their welfare from the grave through an extensive estate plan. Without estate planning, your survivors could see strangers take what was meant for them and this is would be an especially sad day for your family and loved ones.
The guys over at Stone Sallus Law say that you will need to document your wishes and who will get what part of item of your estate and a planned estate is the best way to have your last wishes carried out to the letter for those who are left behind. You can easily list all the beneficiaries that you want to distribute all your assets to and this is a great way to shelter your assets from the heavy toll that taxes can have on an estate without a estate plan and this avenue will also ensure that all your debts are settled so none of your survivors will have to shoulder that burden unnecessarily.
Another reason to consider an estate plan is to maximize your assets. These are things such as care for dependents which can either be a financial or non-financial issue and sometimes can be both. You will also be able to leave parts of your estate to help out your culture, your community or a charity you want to help one last time.
If one dies without leaving a will, their assets are usually distributed in accordance with a standard statutory criterion. More often than not, this formula tends to deviate from the wishes of the deceased. It also only covers their personally owned assets; other considerations such as trusts, business properties and interests as well as retirement assets may be left out.
When one dies intestate (without leaving a will), the bereaved spouse usually finds him/herself playing an unfamiliar administrative role. This also applies to financial-savvy people; the loss of a loved one can cloud the judgment of the administrator. This puts them at risk of making the wrong decisions, including those offering time-critical tax saving opportunities.
Having an estate plan will greatly reduce all these undue issues by addressing most all the estate issues beforehand. It will allow you to bypass using a family lawyer and all the complications that come with it. One very important issue which is of a very critical nature as well is the disbursement of cash and monies, as well as social security and life insurance benefits.
With a will of your last wishes you can also reduce the amount of paperwork that generally leads to very unhealthy stress levels that really are unnecessary. Many administrators suddenly become overwhelmed with all the tasks that must be done quickly without any time to do the estate justice as well as compensate all the beneficiaries according to your wishes. If there are infants or disabled household members involved, not having a clearly outlined will could be disastrous for them.
Keeping your will updated in accordance with policy changes will definitely keep you one step ahead of changes that could hurt your estate and heirs. Any changes in your life, regardless if they concern relationships, economic changes, tax laws and etc. These amendments need to be made when they happen. Life insurance beneficiaries or any retirement income and benefits could be affected without the proper changes that have changed with new laws.