Why Is Estate Planning Important?
It is always important to be prepared in life. Have you ever thought about being prepared for death, though? It may seem morbid to think about, but it is important to make sure your loved ones are still cared for, even after your passing. By doing estate planning ahead of time, you are ensuring that even when you are gone, your family or friends who depend on you will still be taken care of. Speak with a Sacramento estate planning lawyer, like a lawyer from Yee Law Group, PC, as soon as possible to make sure all of your affairs are in order. Here are a few things that having an estate plan can help with.
Estate Planning Can Take Care of Your Dependents
Whether you have a spouse who depends on you or children and pets, you need to have something in place to make sure that they will be cared for once you are gone. You can set up trusts to give to people when they reach a certain age and even detail what you would like to see happen to your pets after your passing. You will always want to speak with anyone you name as a caregiver in these documents in great detail to make sure they are up for the task and will be able to carry out your wishes, should anything happen to you.
Estate Planning Takes Away a Great Amount of Taxes
One great thing about planning your estate ahead of time is that you and your lawyer can figure out the best plan to make sure your estate does not need to go through probate. This will ensure your family and loved ones will get the majority of your belongings, rather than having them be heavily taxed. Your estate planning lawyer will have tips and tricks to make sure that you are able to give everything to the people you want. For example, he or she may recommend giving gifts while you are still alive so that they can completely avoid any of the estate process. If there are items you do not use on a regular basis but have a sentimental value attached to them, you can give these away now so that they will not be looked at when distributing your estate. The added benefit to this is that you get to see the excitement and joy from loved ones when receiving something special.
Contact an Estate Planning Lawyer Today
Reach out to a lawyer who specializes in estate planning as soon as possible so that you can get your affairs squared away. He or she will be happy to assist you in these matters and help offer suggestions to any questions you may have regarding your estate. Do not hesitate to set up a consultation so that you can go over what assets you have and how you want them to be distributed.