You may have been told that if you die without an estate plan or will in place, intestate laws will handle the distribution of the assets. The Aurora estate planning attorneys at The Fitzgerald Law Firm, P.C., urge you not to leave the distribution of your assets up to intestate distribution rules. There are a number of reasons to have an estate plan, ranging from decreasing the chance of family conflicts after your death to reducing estate taxes. A good estate planning attorney will talk to you about your assets and how you want them distributed, and help you make a plan that carries out your wishes while simultaneously providing the greatest asset protection for you and your beneficiaries.
One of the main benefits of an estate plan is that it can protect your beneficiaries. It can reduce fighting among your heirs, protect assets that are held for minor beneficiaries, and even make some gifts conditional in order to protect adult beneficiaries from bad decisions, creditors, or divorce. Another reason to make an estate plan is to avoid probate. Probate can be a lengthy and expensive process, and it is often unnecessary for estate distribution, if you make an appropriate estate plan. Many people are concerned about inheritance taxes. Even though the federal estate tax only applies to estates of a certain size, it is not uncommon for the average person’s cumulative estate to reach that size. In addition, taxes may apply to gifts given to beneficiaries close to the time of your death. Estate planning allows you to set up trusts that can help you eliminate or reduce both state and federal tax burdens. Trusts can also be a great way to protect your assets from creditors; this can be especially important for those who fear a lawsuit close to death. Finally, estate plans reduce the stress for survivors, who may have to waste both time and money without a clear estate plan.
While no one likes to think about death, estate planning is one way to help reduce your anxiety about what happens to your family is gone. You can schedule a consultation with Aurora Estate Planning Attorneys at The Fitzgerald Law Firm, by calling 630-946-6060.