What is the importance of estate planning?
What is the importance of estate planning?
The importance of estate planning is that it allows you to have the freedom and power to decide how your assets should be distributed after your death. Without it, you leave the distribution of your assets up to the probate court and their guidelines. According to the Center for Retirement Research at Boston College, over half of Americans die without a will. This means that there is no guarantee that your assets will even go to people that you want them to. To ensure that your assets go where you want them, you need a plan in place.
Estate planning is the process of organizing your assets and making decisions about how they'll be distributed after you die. Decisions you make will affect your loved ones, and this is often a source of stress for people. You can reduce your family's stress by creating an estate plan.
The first step in estate planning is to create a will, which tells the court who will receive your property and how it should be distributed. A will is an important part of any estate plan because it helps ensure that your wishes are carried out after you die. At minimum, you should have a will in place so that your property passes to your spouse or children and not to someone outside of your family. Wills can also provide instructions for burial or funeral arrangements; set aside money for minor children, name guardians for minor children, name executors, and more. By putting all of these details in writing, you can ensure that your family doesn't have to deal with complicated legal issues when you die.
If you have any questions or in need an Estate Planning Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
