Most lawyers would tell you that if you have any assets, it is essential to start estate planning as soon as possible so that you can work out the how and where of distributing your estate in the future. It is not all about making a will either. Sometimes as a person ages they become unable to administer their estate due to mental problems from dementia or having a stroke. Family lawyers are the people to consult if you want to ensure your assets are distributed according to your wishes.
Estate planning will help you to not only state your wishes regarding the distribution of your assets after you pass away, it will help you to avoid unnecessary tax, something that most people want to do. It will make the division of assets much easier and enable you to avoid paying the court costs inherent in the judicial system deciding who should get your estate if you haven’t make your wishes known.
It will also ensure your heirs get the assets they deserve as quickly as possible. If you die intestate – without a will or any other estate planning – the proceeds can take many months or longer to be finalised. Even then, they may not be passed on the way you would wish them to be. Estate planning will give you peace of mind that your wishes will be taken into account both before and after your passing.
It is wise to prepare for the future; no one knows whether they will be involved in a bad car accident or some other catastrophe that will leave them physically or mentally incapacitated. This can be planned for, with people you trust and who have the ability to take care of your estate if you are unable to.
When you’ve worked hard to get the assets you now have, it stand to reason that you would not want to see it all wasted or gone to paying tax and the kind of fees that are likely if you die intestate. Yet many people don’t want to face doing this because it reminds them of their own mortality. However, when you think of it as taking care of your family, it won’t seem such a morbid subject and you’ll be glad to have it done. And so will your family.
Once you’ve consulted with your family lawyers to start the process you’ll find it is not all that difficult. The lawyers will simply ask you what your wishes are and guide you through the whole process, then they draw up all the necessary forms and you will just need to sign them. Anything you don’t understand will be explained to you so you can make the best decisions for you and your family.