Why you should Start your Estate Plan Now
If you have been wondering if and when you should start your estate plan then you need to talk with one of our attorneys at Robinson, Seiler & Anderson in Utah County. We can walk you through the process and benefits of starting your estate plan today. Below we have gathered just some of the reasons why you want to get the process started as soon as possible.
Can Reduce Estate Taxes
With the help of an estate plan many married couples and individuals can reduce or even possibly eliminate estate taxes altogether by setting up AB Trusts or ABC Trusts as part of their wills or revocable living trusts. The loss of one's estate to the payment of state and/or federal estate taxes or state inheritance taxes is a great motivator for many people to put an estate plan together.
Avoiding the Burden for your Family
If you or someone you know has dealt with the loss of a family member who didn’t have an estate plan in place, then you know of the difficulties they faced along the way. Choosing someone to be in charge if you become mentally incapacitated and after you die and deciding who will get what, when they will get it, and how they will get it after you're gone will go a long way towards avoiding family fights and costly probate court proceedings. A simple will can dictate your wishes even after you’re gone and relieve a lot of the burden your family might be faced with.
Protect your Beneficiaries
If the beneficiary is a minor, all 50 states have laws that require a guardian or conservator to be appointed to oversee the minor's needs and finances until the minor becomes a legal adult. You can prevent family discord and costly legal expenses by taking the time to designate a guardian and trustee for your minor beneficiaries. Or, if the beneficiary is already an adult but is bad at managing money or has an overbearing spouse or partner who you fear will squander the beneficiary's inheritance or take it in a divorce, then you can create an estate plan that will protect the beneficiary from their own bad decisions as well as those of others. This allows you to have a say in what happens even after you are gone.
Estate plans are made to be beneficial. It may take some time and some helpful advice from the attorneys at Robinson, Seiler & Anderson in Utah County. To get started on your estate plan call our office today to schedule a consultation.