People who don’t have an estate plan often don’t realise the impact that this will have should they die. While it may be many years before this unfortunate event occurs, no one can be really sure so it is wise to contact your family or experienced commercial lawyers to draw up such a plan to protect your assets. An estate plan does even more than protect assets, of course. It can also detail how you want to be taken care of should you no longer be able to tell anyone, such as in the case of a stroke or debilitating injury. Here is how an estate plan can help you.
- It will identify all those loved ones you wish to benefit by giving them some of your assets. Without an estate plan, this is unlikely to happen.
- An estate plan will ensure that your assets and property are transferred to your heirs as soon as possible and for as little cost as possible.
- It minimises the amount of tax your estate will have to pay before it can be transferred to your family or other beneficiaries.
- It can utilise aids such as living trusts and special bank accounts to reduce the amount of time before a beneficiary receives your assets and it can also reduce the costs of probate.