Talking about the possibility of dying is typically not one of a person’s favorite activities to do. For this reason, estate planning is often ignored in Florida and other states. However, estate planning has proved to be beneficial in a wide range of circumstances.
First, an estate plan can help with avoiding probate. Many individuals do not have much firsthand experience having to go through the probate process, but they do realize that it should be avoided, based on the horror stories they have heard from family, friends and the media. Having a thorough estate plan may help people prevent many of the pitfalls often associated with probate.
An estate plan may also help a person to lower his or her estate taxes. Many Americans are fearful of losing significant portions of their assets to state inheritance taxes, state taxes and federal estate taxes. However, establishing ABC Trusts or AB Trusts as parts of their wills or establishing revocable living trusts can help them to achieve tax savings.
In Florida, estate planning may also help to prevent messy confrontations among family members as well as business partners in the event of one’s death. If there is no adequate document, such as a will, in place, these beneficiaries may end up wasting a lot of time fighting over one’s possessions. However, with proper legal guidance, all of these parties will get the appropriate possessions and assets in an efficient and prompt manner. With a well-thought-out estate plan, families can ultimately steer clear of personal infighting along with hefty legal expenses.
Source: wgrz.com, “Top Five Reasons You Need Estate Planning“, April 20, 2016
