Estate planning is not an event that most people are eager to work on, yet it is essential for most families. If you are ready to start planning your estate, you may want to start by narrowing down your goals. You may have different goals than other people, but here are four essential goals that most people have when planning their estates.
1. Avoiding Probate Court
When a person dies, the family must follow the legal procedures for distributing the person's assets. There are several different ways to go about this task, but some are easier than others. One way to do it is by creating an estate plan that makes it simple for a family to settle an estate. If you do not create a plan like this, your family will have to go to probate court. Going to probate is never fun or simple. It complicates matters and is expensive and time-consuming. Therefore, you may want to talk to your lawyer about finding ways to avoid probate court.
2. Protecting and Providing for Family Members
People also plan their estates to protect and provide for their family members. This goal is one of the most common reasons for estate planning, and you probably want your plan to achieve this goal, too. If you create a will and other legal tools, you can protect your family through your plan. You can also purchase life insurance if you want to provide more for your family than you currently have.
3. Reducing the Taxes Their Families Pay
Most people are also interested in finding ways to reduce the taxes their families will pay when they die. When you die and transfer your assets to your family, do you want them to have to pay taxes on these things? If no, talk to your lawyer to determine a method that helps you avoid this issue.
4. Creating a Plan for Incapacitation
One more goal that many people have with estate planning is creating a plan for incapacitation. If you get ill or injured and cannot make medical decisions, you need a plan for someone to take over your decisions for you. You can do this in your estate-planning efforts, along with many other things.
You may have these goals, too, but you might have others to add to this list. You can begin planning your estate today by meeting with a lawyer in your city.
Contact https://www.linskylaw.com for more information on how to plan your estate.