Benefits Of Creating An Estate Plan
No one likes to contemplate their mortality but creating an estate plan can provide many benefits to you and your loved ones now and into the future. An experienced Franklin estate planning attorney like those at Fort, Holloway & Rogers can help craft an estate plan that best fits your needs and your wishes for your estate. To learn more about the many benefits of creating an estate plan in the Williamson County area, call or contact our office today.
Provide for Your Loved Ones
One of the biggest benefits of creating an estate plan is that you are able to provide for your loved ones after your passing. Concern about the welfare of family members is often cited as one of people’s greatest concerns, especially as they age. By creating an estate plan that includes a final will or trust, you can ensure that your loved ones are provided for through the assets that you leave behind.
Ensure Assets Go to the Right People
Another benefit of making an estate plan is that you can ensure that the assets of your estate go to the right people. When someone dies without an estate plan in Tennessee, their estate is divided by the laws of intestacy. This could mean that someone you intended to inherit is left out or that your family members receive more or less of your estate than intended. Creating an estate plan ensures that everyone gets exactly what you want them to receive.
Minimize Expenses and Taxes
Estate planning can also minimize expenses and taxes after your passing. Depending on the specifics of your estate, some or all of your assets may have to pass through probate. The structure of your estate plan can minimize how much must go through this process and can even minimize the final taxes that are paid on the estate by your estate administrator. This means that your loved ones can receive their inheritance faster and acquire more when it is not eaten up by other expenses in the probate process.
Eliminate Familial Issues
Creating an estate plan can also eliminate familial issues before they ever arise. Many fights over estates and inheritance happen because family members were not aware of how the estate of a loved one was going to be divided. By making and sharing your estate plan you have the chance to explain why you made the decisions you did for your estate and allow family members a chance to process this before your passing.
Plan for Incapacity
Finally, an estate plan allows you to plan for any type of physical or mental incapacity. Besides dividing up an estate, an estate plan can also include an advance directive, power of attorney, and healthcare proxy forms that provide details about what legal, financial, and medical decisions you want in case you are ever in a situation where you cannot communicate those choices yourself.
Talk to Our Office
If you have more questions about creating an estate plan, call or contact Fort, Holloway & Rogers today to schedule a consultation.