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10 Reasons Why Estate Planning Important

If you are in good health and have the means to live comfortably, estate planning can be one of the farthest things from your mind. However, it is always a good idea to plan ahead for the unexpected. It can be easy to put off planning your estate, but the sooner it is addressed, the sooner you will be able to enjoy the peace of mind that comes with knowing that your family will be taken care of in the event of your death.

Estate planning can help you be able to:

  1. Provide for your family: Estate planning can help you ensure that your surviving family is taken care of financially as well as making any arrangements for the care of any children under 18. You can designate parental guardians for your children in the event of your death so that this decision does not have to be left up to the courts.
  2. Aid in the timely transfer or property to your beneficiaries: Estate planning allows for more expedient transfer of your property to the beneficiaries you designate by making the probate process quicker and easier.
  3. Minimize expenses: When arrangements are already made through estate planning, the costs of transferring property can be kept to a minimum, leaving more money for your beneficiaries.
  4. Plan for incapacity: Estate planning can outline arrangements in the event that you are mentally or physically incapacitated. This can include any decisions about life support, who can make decisions about your medical care, and who can be named power of attorney.
  5. Ease burdens from your family: You can save your family the burden of making funeral or burial arrangements by having everything planned beforehand.
  6. Choose executors of your estate: Choosing competent executors can simplify the administration of your estate, save money, and reduce the burden placed on your family.
  7. Give to your favorite cause: You can designate a favorite educational, philanthropic, or religious cause to receive your financial support after your passing.
  8. Reduce taxes on your estate: A good estate plan will allow your beneficiaries to receive as much as possible after inheritance or estate taxes.
  9. Create special trusts: You can ensure that a specific family member is provided for by creating a special trust fund in their name.
  10. Make succession arrangements for your business: An estate plan can help you provide for a smooth transition and continuation of affairs by designating what will happen to your interest in the business beforehand.

Estate and Probate Lawyers Serving Denver, Steamboat Springs, and Vail, CO

The Colorado attorneys at Feldmann Nagel, LLC have decades of experience assisting clients with all of their estate planning and probate matters. It is our goal to ensure that your financial affairs and personal matters are arranged in a way that suits both your best interests as well as those of your family. We are available to answer any questions you may have during a personalized case review.

To get started, please call Feldmann Nagel, LLC at (888) 458-0991.

Categories: Estate Planning