Many people think that only the very rich need estate planning. In reality, even if you only own a modest home in Fort Collins or if you do not think you have enough assets to make it worthwhile, you should still put an estate plan in place. Not only will an estate plan give you peace of mind in case the worst happens, having one will alleviate the burden and stress to your family caused by your death.
There are various other reasons why you should consider starting your estate plan sooner rather than later. Here is a start on why you need an estate plan.
Probate
One of the great things about an estate plan is that it can either avoid or simplify the probate process. Sometimes, probate can be an extremely drawn out process that might last months. With an estate plan in place, you will be able to make your final wishes known so that there is no question about how your representative should handle your estate.
Limit estate taxes
You have spent your life paying taxes and you probably do not relish the thought of the government taking even more after you die. With some proper estate planning, you can reduce the amount of taxes your estate will have to pay after you pass.
Beneficial for beneficiaries
A strong estate plan can benefit both minor beneficiaries and adult beneficiaries. In regard to minor beneficiaries, your estate plan can guard assets and allow them to grow until the beneficiaries come of age and have access to the property. For the adult beneficiaries, your estate plan can protect them from themselves. For example, if your oldest son has a history of making bad financial decisions, your estate can hold his inheritance and only allow him access at certain times or under specific circumstances.
An estate plan is an extremely important tool that is available to everyone. Start estate planning now and rest easy knowing that your assets and beneficiaries are protected.
