Some people overlook the importance of estate planning. If you’re one of those people, there are a few things you should know. Find out why you should do estate planning.

But First, What Is Estate Planning? 

The biggest reason why many people don’t give a thought about estate planning is they’re not even aware of what it is in the first place. Estate planning is performed to specify how an individual’s asset will be accessed, protected, and distributed in the event of their death or incapacitation. Conducting an estate planning involves the following tasks: 

• Creating a will that narrates your asset distribution 
• Making charitable donations beneficial for minimizing estate taxes 
• Setting up trusts for controlling your wealth better
• Establishing funeral arrangements for an untimely death
• Naming an executor who is responsible for carrying out your wishes and make decisions for your assets 

Estate planning is a vital process of your lifetime, as you can utilize it to manage your financial circumstances in the time you’re incapable. But, at what age is it best to perform estate planning? Some may say a few years before their expected death, while others suggest after you reach 60. However, ideally, it’s best to start estate planning three to five years after becoming a legal adult. 

The estate planning process begins with finding a reliable lawyer that can guide you in every step. When looking for a legal expert for estate planning, choose a law firm that specializes in handling family law matters, such as setting up wills, estates, mediations, and the like. You can learn more info and insight about estate planning by consulting to these certified professionals. 

• Prevent Probate

One of the number one reasons you should do estate planning is to prevent probate. When you don’t properly plan your estate, it could go into probate.

In most situations, probate court is not ideal. The process comes with fees, and those fees cut into the value of your estate. By having a plan for your estate, you can prevent the cost of probate.

Another negative impact of probate court is the delay. When your estate goes into probate, the court puts your wishes on hold. It could be months or even years before your loved ones have access to your assets.

An estate planning attorney in Tucson knows how to plan your estate is a way that prevents probate. Your loved ones won’t need to jump through hoops to get access to their money.

• Protect Your Loved Ones

It’s likely that you would go to great lengths to protect your loved ones. Planning your estate is a simple way to protect them, even after you’re gone.

With estate planning, you can financially support your family after your death. Handling the death of a family member is hard enough. The burden of financial issues only adds to that stress. By providing for them, you can help them get through the challenging time.

You can also ensure that your assets only go to your loved ones. If you have a blended family, your estate could end up in the wrong hands. For example, a separated spouse could inherit your estate. You need to clearly specify where you want your assets to end up. With careful planning, you can prevent the wrong people from having access to your estate.

• Limit Estate Taxes

Estate taxes can have a major impact on how much money your beneficiaries receive. The tax applies to the value of everything you own at the time of your death. It only applies to a minimum estate value. For example, the current estate tax only applies to estates worth over $5.6 million. That number is up from $5.49 million in 2017.

Fortunately, there are ways to limit estate taxes. Here are a few options:

• Remove assets from your estate before you pass away
• Make tax-free gifts to your loved ones
• Create an Irrevocable Life Insurance Trust (ILIT)
• Make a Qualified Personal Residence Trust
• Create a Charitable Lead Trust (CLT)

It’s worth noting that some of those options might not be appropriate for your situation. Someone with knowledge of estate planning law in Tucson can help you identify what actions you can take to limit your estate taxes.

Making a Difference for Your Loved Ones

It all comes down to one thing – making a difference for your loved ones. Estate planning might not be something that ranks high on your priority list. But it should be. When you take the time to plan your estate, you make a difference.

There are many details involved in estate planning. If you want a plan that puts your wishes into place, you should consider speaking to a lawyer. Oftentimes, young couples with children will consult both an estate planning lawyer and a family law attorney in Tucson to make certain that their spouse, children, and other loved ones are cared for in life as well as in death.