Creating an estate plan isn’t just for those that are well-off. If you’re getting older and you haven’t created an estate plan yet, now is the time. Creating a plan for after you’re gone has a long-lasting impact on the protection of your loved ones. Even if you don’t feel like you have a lot for your loved ones to inherit, it’s important to create an estate plan that determines how your assets — both material and financial — will be distributed after you pass away.
Why is Estate Planning Important?
Vernon & Associates, P.C.
In today’s blog from Vernon and Associates, P.C. in Jamaica, we’ll highlight four of the main reasons why creating an estate plan is important. Keep reading to learn more, and when you’re ready to get started with your estate plan, give us a call at our Jamaica law office to schedule a consultation.
Protect Your Beneficiaries
The main purpose of planning your estate is to determine who will be inheriting your assets at the end of your life. Without a plan in place, this decision is left to the courts and can take years, accrue expensive fees, and end up being a messy process. Nobody knows your family better than you do, which is why it should be your decision who gets what.
You don’t need to be rich to get a plan in place. A good starting point is to meet with an estate planning attorney who can help you navigate the process. Contact us at Vernon and Associates, P.C. to find out more about ensuring that your family gets what they need and deserve by creating a sturdy estate plan today.
Protect Young Children
It’s never easy to think about the end of your life, especially when you consider the possibility of that end coming sooner rather than later. However, with a proper estate plan in place, you can ensure that your young children will be cared for in the manner that you have instructed in your will in the event that you pass away at a younger age. A will is a vital part of your estate plan, and when it comes to protecting younger children, it can specify who will become responsible/assume guardianship in the event that both you and your spouse pass away before they turn 18. With a will naming these individuals, this extremely important decision is again left up to the courts.
Protect Your Loved Ones From the IRS
Another important reason to create an estate plan is to protect your heirs from the tax burden that may fall on their shoulders after you’re gone. A well-conceived estate plan can reduce a great deal or even all of their federal and state estate taxes and state inheritance taxes. You can also decrease their income tax in certain situations. Are you ready to get started or to learn more? Contact our team at Vernon and Associates, P.C. We’re ready to answer any of your questions regarding estate planning so that you can give your loved ones the protection they deserve.
Eliminate Family Drama
When a person dies without an estate plan in place, a great deal of family drama can ensue while the court is determining who will receive the assets that have been left behind. The last thing you want is for your family members to go to war with each other over the division of your finances and belongings.
With an estate plan, you can put a stop to the family drama before it even has a chance to begin. The choice of who controls your finances and who receives your assets is left in your hands, leaving your family with no choice but to adhere to your wishes.
Hire an Attorney You Can Trust
If you’re not yet convinced of the importance of creating an estate plan, it’s time to get in touch with an experienced attorney at Vernon and Associates, P.C. With more than two decades of experience, there’s no other attorney to trust with your will and estate plan. Schedule a consultation today.