We are here to eradicate the myth that estate planning is reserved only for the wealthy population. Estate planning is the process of deciding and securing who will inherit your assets after you pass on. We at Realty Unleashed have had many experiences assisting families with selling the homes of their loved ones who’ve passed away. We’ve swooped in and helped widows sell the home they once shared with their deceased spouses. We’ve been there for grieving children who need to sell the home of their beloved parents. We get it. And we have seen first-hand why estate planning is so critical to almost everyone. We’re providing you with four bullet-proof reasons why estate planning matters. Hopefully, these reasons will inspire you to get started on your estate planning, regardless of your income, assets, or age.
Avoid potential family disputes
There are many situations where family disputes occur after a loved one has passed away. When significant details haven’t been ironed out previous to death, it can cause a messy reaction. This is particularly true in cases with multiple marriages, several children, estranged siblings, or other similar circumstances. It’s essential to take care of who gets what assets so that your family isn’t struggling in court after you have passed on. Plan a meeting with your family to help them understand what they can expect once you pass on.
Protect your property
Although tedious, if you want to protect your current assets, estate planning is critical. Expect time spent with you and your lawyer going through every document of your wealth and assets. By doing this, you’ll be aware of any legal disputes that may be incoming or on the horizon. Furthermore, you can prepare to deal with any of these issues while you’re alive so that your family or friends aren’t in charge of these problems after you pass on.
Prevent the wrong inheritors
Here in Alberta, there is an act that specifies what happens to your wealth if you die without a will. It’s called the wills and succession act, and it will take over your belongings if you don’t plan what happens to your estate beforehand. No one wants their wealth or assets to be passed down to unforeseen beneficiaries. By working with an estate planning lawyer, you can put those fears to rest. Your lawyer will ensure your property, assets, and wealth are going to the right inheritors.
Your peace of mind
The bottom line is that we all want to know everything, and everyone we love will be taken care of after we pass on. You must do your part to make this sentiment become the truth. Find an estate lawyer who you trust. Begin going through all of your essential documents. Prepare to dedicate some serious time and thought to your estate plan. Doing this will give you peace of mind in knowing you’ve done all you can to ensure your wealth, assets, and belongings will be in good hands.