Have you ever wondered why you need to do an estate plan? At Herrig & Vogt, LLP, we believe that it is essential to protect your assets, even if you have a modest means. We have provided a list of some of the primary benefits of establishing an estate plan. If you are still not convinced why you need to establish a will or a trust after reading the following list, contact our firm so that we can provide you with the legal assistance you need.
1. Reduce estate taxes
By gifting your assets to your loved ones or into a trust for the benefit of your loved ones, you can reduce estate taxes. This process can reduce the value of the owner's estate because other assets and interests are already gifted away and cannot be taxed.
2. Create a legacy for other generations
Creating a solid estate plan can encourage future generations to live well and save by rewarding them with a part of your inheritance. Trusts can often continue for many years and sometimes indefinitely. In these cases, future family members can use the trust for the same purpose.
3. Your assets can be kept safe
Even if you have minimal wealth, you do not want to lose it in a lawsuit or divorce decree. Establishing an estate plan offers a level of protection to the assets that are owned by the trust.
4. Peace of mind
When you have a well-established estate plan, you can have a peace of mind knowing that your assets are protected and are in order. You can have confidence knowing that your loved ones will be protected and given adequate provisions.
5. Protect your children's inheritance
In the case that your spouse gets remarried after death who already has children, you can ensure that your children will receive the inheritance they deserve. While still providing for your spouse after your death, an estate plan can protect your children also.