Why Estate Planning is Beneficial
Almost no one knows the date of their impending passing. Most of us do have an idea or general plan on how we would like to see the assets of our estate distributed upon our death. Unfortunately, we do not always get around to making our wishes properly documented. Often that can be a very costly mistake to those whom you wish to leave your accumulated assets. Besides the obvious assets of cash, stocks and bonds, and the net value of any real property that you own, you might also have numerous items of jewelry and keepsakes for which you have very specific plans.
Your biggest mistake would be to take no action, and therefore leave it up to the state to decide how your assets will be distributed. More often than not, the State’s directives will not follow your wishes. Therefore, at the very least, we suggest you write a will. This should be done with the help of an attorney.
If you believe the assets of your Estate will exceed $100,000, you should probably look into working with a trust attorney. Inheritance and tax laws can be very complicated, and again it could result in a very costly mistake for your beloved relatives, if not treated properly.