4 Reasons Why Estate Planning Is Important

4 Reasons Why Estate Planning Is Important

Edward Law Firm counsels clients on all aspects of estate planning, including drafting wills, trusts, living wills, and powers of attorney for health care and financial decisions. When you look to the heart of an estate plan, you will find complex financial interests that need protecting.

4 Reasons Why Estate Planning Is Important

4 Reasons Why Estate Planning is Important


Estate planning is an essential safety net for any family. Given the uncertain nature of life, tragedy may strike at any second. At Edward Law, we work to make sure that your family is protected in situations of tragedy. Estate planning is the process of planning and organizing one’s estate in case of their death. It encompasses and controls, upon one’s death, wills, bank and loan accounts, liquid assets, beneficiary designations, etc. through the durable power of attorney.
Upon the death of the Testator or Testatrix – those who sign the will – due to the lack of any prior organization of assets, the estate may swirl into chaos, dividing families, creating rifts. In order to help make any transition process smooth, estate planning is necessary. It gives the family and attorney an organized process to work through the distribution of a deceased relative. 
  1. Estate Planning Creates Wills and Trusts
A will is something which explains the precise distribution of one’s assets upon their death. Without a will, there may be a high inheritance tax, a chaotic grab for assets within the family, or loss of valuable assets intended for beneficiaries. Trusts are created to make the process of inheritance very smooth. Trusts avoid a probate, saving those involved time and money upon the death of the owner of the trust. Both of these put together, through an estate planning law firm, will ensure the control of one’s wealth, the protection of their legacy and privacy. 
  1. Estate Planning Saves Money
 Passing away without a will causes one’s assets to be processed through a probate court. This is called dying ‘intestate’. This adds time and money to the process of distribution of assets. By using an estate planning firm and creating a will, the family can avoid any fees, taxes, headaches, and extra time spent with probate court process. This eases stress among the family, giving them time to mourn the death of a loved one rather than fight for assets in public court. So, by engaging in estate planning, the process of distribution of assets will be very smooth, quick, inexpensive, and pleasant. 
  1. Estate Planning Protects the Family 
By creating a will, the testator or testatrix decides who will receive their assets upon their death. If they pass away without a will in place, they risk losing their assets through taxes and fees – all losing value which could otherwise be distributed to beneficiaries. More importantly, though, one can decide the successive legal guardian of their children. If one has young children and passes away under unexpected circumstances, without a will in place, their children would be at risk of coming into custody of undesirable candidates. This could be anyone from incompetent family members to the foster care system. Estate planning doesn’t only protect material assets – it provides agency upon unforeseen circumstances.
  1. Estate Planning Avoids Family Turmoil 
 In the process of estate planning, through a will, the testator ensures their wishes and desires are carried out upon their death. This implies a sense of authority and authenticity relative to the distribution of assets. When an asset-holding family member dies without a will, fighting over said assets may occur. Some members believe they deserve more than others and will fight at the expense of the family to obtain – often unsuccessfully – those assets. This can destroy a family – stories of familial destruction upon the death of an asset-holding member are very common and could all be avoided by estate planning.
If you are looking to avoid the pitfalls that a lack of planning can lead to, visit the team at Edward Law Firm. We take the time to get to know our clients before carefully laying out an estate plan that will have your assets protected and in the hands of the ones you love. As always, our objective today is your tomorrow. Call: (602) 880-3379.   

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