It Pays To Plan For Your Family’s Future Now.
It is strange that people plan things for every day of their lives and they are always thinking ahead to the next vacation or what they are going to buy next. We put more effort into planning next month’s staff party then we do in the planning for our future and the future of our immediate family. For some reason we seem to think that it’s okay to keep putting off the day when we are going to depart this place because we feel that it is a long way down the road. You are probably correct in your assumptions with regard to your health and you will probably go on to lead a long and happy life. However, what you don’t know about is the unknowns and how the decisions that you make today could affect your life tomorrow.
This is why many people engage with an estate planning lawyer in Parramatta because they understand that nobody knows what’s going to happen tomorrow never mind next year and so it’s best to put plans into place to make sure that our families are provided for. You might think that you don’t have a lot to offer your family when it comes to leaving an estate, but the house that you currently live in is a large asset, as are some of the personal belongings that you have accumulated over your life. Sometimes things don’t have to have a financial benefit for family members to want to have them. The following are some reasons why you should always have an estate plan.
* It protects your beneficiaries – You may have plans to reward certain members of your family while not giving anything to others. This is something that you need to get written down on paper because when it comes to your demise, not having your estate already organised can lead to many arguments within the family group. Money changes people and so if you don’t have the steps in place to make sure that your final wishes are followed, you could be leaving behind all kinds of problems and family arguments.
* It reduces estate tax – The government is just waiting to eat away at your estate and so you need to talk to estate planning lawyer to make sure that your loved ones are protected from the government revenue service. One of the most important things that you can do as part of your estate planning is to transfer your assets to your children before you leave this Earth and this will create the smallest tax burden for them if at all. Without a plan in place, the government will gladly swoop in and take a large portion of your estate.
The last thing that you want to happen is for your family to be fighting over your estate after you’re gone. You want to be able to move on to the next stage knowing that you’ve done the right thing and this will provide you with the essential peace of mind you need now.