Whether you’re in the prime of your life or in your old age, Estate planning Ashburn should be part of what you should consider as part of ensuring everything runs smoothly for your loved ones when you pass on. It may seem like something you don’t need – but being prepared is what life is all about.
Here are nine reasons why estate planning Ashburn should be a priority. With the help of a good lawyer, your estate plan should be able to stand up to the various possibilities that face your loved ones after you pass on.
When you die without a will, your estate goes to the probate court. This can be a hard time for your family. It can also be pretty unfair since probate decides on how your estate will be decided – without any input from you or your heirs. The process can also take years. If you want your loved ones to avoid this, ensure your estate plan is properly made.
Most people don’t know when they die. If you happen to lose your life and your children are still young, then you want their property and yours protected. A good estate plan for those with young children is to ensure that they get a decent guardian – instead of having the state do it for them. Additionally, an estate plan would also ensure that your assets are protected until your children are old enough to inherit. This is a good thing for those who want to have their children protected.
Reduction of Estate Taxes
One of the biggest problems for those who inherit is estate taxes. These can take up to 50% of your assets. When you use a good estate plan, your assets can be given before the estate taxes are placed on it. Your heirs may end up paying some, but not a high tax for it.
The government can seize assets and property, while unscrupulous people can do so if they present ownership. With a good estate plan, your assets won’t disappear like smoke. They will go where you want them, which is the main idea behind estate plans. Another option to protect your real-estate property is through a transfer on death deed. This will make you retain full control of your property while making sure it will also be automatically transferred to your beneficiary when you pass away.
To Ensure Everything Goes Smoothly
When a loved one dies, it can be a chaotic time for those who survived them This is why you will want to ensure that they have the least amount of trouble as possible. Estate plans can remove a lot of worries. No need to go to probate or argue with relatives. All they have to do is follow the will and everything should be resolved properly.
Avoid Beneficiaries Being Missed
It is not just your family members you might want to give money to. Some will specify charities and other organizations to receive donations. With this in mind, you can ensure that no one you want to give assets to is ever missed.
Respect For Your Choices
With an estate plan, no one would be able to say anything about your choices. Your choice would be final in legal terms.
Appointing an Executor
When you want to ensure your assets are taken care of, a will can appoint an executor to handle everything. If you made the right choice, it means you can leave your legacy in good hands.
If your assets are still maturing, you might want to ensure that they are taken care of. An estate plan can make it happen, especially when someone is appointed to handle the estate.
Estate planning Ashburn is a necessity. Let one of our lawyers at Dominion Legal PLC help you prepare all the details. Contact us today to set an appointment.