Are you considering creating a last will and testament? With proper estate planning, your family will thank you for creating a plan that provides more than asset distribution. As you consider the right estate planning lawyer Hernando County FL, remember these additional benefits of proper estate planning.
The small cost of estate planning pays dividends in the end. Depending on your state’s laws, proper estate planning can minimize the tax burden that goes along with the transfer and distribution of some assets. It can also help to avoid exorbitant legal costs spent on the back-end in probate or any litigation arising from a disagreement between those within your estate.
Think About the Children
Many people have the desire to leave assets and gifts to their minor children and grandchildren. How that distribution is structured, as well as who is responsible for executing the plan, is crucial. With estate planning, you can determine what goes to whom at what age, assign incremental distributions if you desire, or leave some things to the discretion of the person to which you assign responsibility to oversee the plan.
Avoid the Unknowns
The right estate planning attorney will help you identify and avoid things you may not have thought about otherwise. For instance, you may leave financial assets and properties to loved ones in a will, but not have the assets themselves properly titled. An estate planning attorney will do more than help with the creation of the plan. They will do their best to make sure there are no unforeseen bumps in the road ahead upon execution.
With proper planning and a little time upfront, you can avoid all the pitfalls and fallout later that occur in the absence of a good estate plan. In addition to providing for your loved ones and leaving a legacy that matters, you can also save money, make important decisions now, and factor in all the nuances that you may not have even considered.