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The Benefits of Estate Planning

One of the best things you can do for yourself and your family is create an estate plan. Many people assume that estate plans are only for the rich, but the reality is that anyone, regardless of their level of wealth, can benefit from having an estate plan in place. If you pass away without an estate plan, your beneficiaries will end up waiting in limbo for a substantial amount of time and, if you were the primary breadwinner in your household, it could put them in a terrible financial predicament. Moreover, they might end up receiving less than what they would if you had an estate plan in place.

Why You Need an Estate Plan

Ultimately, if you want to spare your beneficiaries any added hardship or struggle, you should create an estate plan. You do not have to be a millionaire to make life easier for your loved ones. If there is someone in your family whom you do not want to inherit any of your assets, you can specify this in your estate plan as well.

Here are some of the benefits of creating an estate plan, which you should consider:

  1. You have children: If you and your spouse were fatally injured in a car accident, leaving your children behind, who would care for them? Although a scenario like this will, hopefully, never come to pass, you would probably feel better with a plan in place that will ensure they are well cared for even in your absence. An estate plan can do that.
  1. You can reduce your expenses: Without an estate plan, a substantial amount of money will go toward the probate process, including court costs and attorney fees. Spare your family these unnecessary costs by creating an estate plan.
  1. You can lower your taxes: There are numerous strategies for reducing taxes and estate planning is one of them.
  1. Keep your family from making tough choices: If you were to become incapacitated, your family might not know exactly what your wishes are. Would you want them to pull the plug? If you pass away, would you wish to be cremated? If you do not have an estate plan, they will have to make these decisions on your behalf, which can put them in a terrible, heartbreaking position.
  1. You can support a cause: Once again, you do not need to have billions of dollars to support a charitable cause. Even if all you can do is leave a couple of hundred dollars to something that matters a great deal to you, an estate plan can ensure the organization receives the money you wish to donate.

Create an Estate Plan with Our Team Today!

Do not put off creating an estate plan. At Drexler Law, our team will provide the advice and knowledge you need to create an estate plan that addresses your needs and goals. With an estate plan in place, you can rest easy knowing that your loved ones will be cared for after you are gone.

Call our law office today at (719) 259-0050 to schedule a consultation!

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