October 1, 2023
8 Reasons to Start Estate Planning

Estate planning may sound like it is something only the uber wealthy need to do, but that isn’t the case. Whether you own a mansion or rent a modest apartment, everyone has an “estate” that will need to be settled when they pass on. While it may seem unnecessary when you are young and healthy, that is actually the perfect time to start – when your head is clear and you have time to plan.

If you need more reasons to start estate planning aside from the fact that you “should,” check out this list below.

Takes Care of You

Estate plans go beyond what happens to your assets when you die. It can and should also spell out who has the power to make medical, financial, and other decisions for you in the event you are incapacitated or no longer mentally competent.

You Decide Who Gets What

Without a proper plan in place the state will determine how much of your assets go to which family members.

Minimize Income, Gift, and Estate Taxes

Items left for loved ones in wills are often subject to estate tax. An attorney can advise you on how to best structure your estate and assets to minimize how much tax your beneficiaries will have to pay on their inheritance.

Get All Your Ducks in a Row

The estate planning process can be a reality check on your financial and future planning situation. It lays out what you can expect to leave behind to your loved ones or charitable organizations and you can measure that against any legacy goals you had in mind.

You Have Children

While asset division is a major function of estate planning, the process also includes detailing what you want to happen to your children should both you and your partner pass.

You Remarry

A second marriage, especially one where additional children are involved adds a layer of complexity when you pass. A proper estate plan avoids any confusion on your wishes and ensures all your children are taken care of in the way you wished, especially if they are minors at the time of your passing.

Provide for Future Generations

You may wish to provide funds that specifically go to your grandchildren, nieces/nephews, or other family members. Having it documented ensures that your assets will be divided at your discretion, not your children’s.

Avoid Drama

Deaths can be a stressful time for families no matter the circumstances and everyone processes that grief differently. Even if your family gets along wonderfully, an estate plan takes all the guesswork and fighting out of asset division and will allow your family to heal without in-fighting.

No matter what your reason to start estate planning, the best time to do it is now. Harkavy Shainberg Kaplan has a team of attorneys dedicated to helping our clients plan and secure for the future, and assist in navigating the administration of estates and trusts by ensuring professional and efficient management.

To get started on your estate plan, contact us today!

Follow us on:


Follow Us On:

Related Posts

4 Things to Consider When Starting a Business

4 Things to Consider When Starting a Business

Starting a small business can be an exciting and rewarding experience. However, it is important to understand the legal implications that come with running a business in order to ensure its success. Here are five key legal issues to consider: Understand Your Business...

read more