What is Estate Planning, and Why is it Important?

May 9th, 2022

As we age, it’s important to consider the future and how our assets can benefit our loved ones. With an estate plan in place, you can ensure that your family has the support they need.

Estate Planning Basics

So, what is estate planning? Your “estate” refers to everything you own, including bank accounts, investments, homes, cars, and other personal possessions. Estate planning enables you to indicate how you want your property and financial assets to be distributed in the event of incapacitation or death. Many assets are significant investments, so it’s essential to protect them and ensure your family is financially stable.

An expert estate planning attorney can help you navigate the process of determining heirs and understanding estate taxes. Here we explore the benefits of working with a skilled estate planning attorney and how JGL can simplify the process.

Why is Estate Planning Important?

Estate planning allows you to leave your assets to the people and causes in your life that are important to you. There are numerous advantages to preparing an estate plan, including protecting your family, avoiding hefty taxes, and eliminating obstacles for your loved ones. To start, you can create an estate planning checklist to build a solid foundation and identify critical factors for your estate.

Read on, as we outline some of the most important benefits and considerations involved with estate planning.

Choose Your Beneficiaries

One of the most important aspects of estate planning is choosing your beneficiaries. A beneficiary is the person, trust, or organization named to receive your assets upon death. Choosing your beneficiaries is an important decision. It may be helpful to contemplate your potential beneficiaries, such as your spouse or children, to determine how you would like to divide your assets among them.

Determine Guardians for Your Children

An integral part of the process is determining who will be guardians for your children. If you and your spouse pass before your children turn eighteen years old, the court system will decide who will care for them unless guardians are identified. Consider choosing people who you trust, such as relatives, close friends or loved ones, as guardians for your children.

Protect Family Relationships

By preparing an estate plan, you can prevent arguments or disagreements between family members, as your wishes regarding your assets and children’s guardianship will be clear. Estate planning can help facilitate healthy dialogue that protects family relationships for the long term.

Reduce Taxes for Heirs

One of the most significant benefits of working with a skilled estate attorney is that you can avoid substantial taxes. Estate taxes are assessed and paid out of the deceased person's estate, so if taxes are high this can have a significant impact on your heirs and beneficiaries. An estate plan can ensure more of your estate goes to those you intended, provide peace of mind, and help your heirs avoid financial hardship.

Work with a Trusted Estate Planning Attorney

When determining the next steps for estate planning, seek advice from the experienced attorneys at JGL Law. We provide expert guidance regarding wills, trusts, wealth preservation, tax planning, guardianships, trust administration, and other estate-related matters. Our estate planning attorneys provide compassionate and strategic insight to preserve your assets. We understand this process can be challenging. Our team works hard to identify potential issues and make the process seamless and understandable for you and your loved ones. Contact us today to schedule a consultation with our skilled estate planning attorneys. 

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