How Does Estate Planning Help You After the Demise of Beloved Ones?

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Did you know that up to 60% of people in the world do not have a will or even any form of estate plan in place?

Estate planning is an essential step in life, yet so many people overlook it. The benefits that it offers come in extensively handy during the difficult time after a person’s death.

Estate planning attorneys can work to ensure that all events are tailored to suit the wishes of the deceased.

Basically, they work to reduce the stress and uncertainty that can come with the loss of a loved one.

If you have recently lost a loved one who was smart enough to get an estate plan in place, you can find solace in the fact that they deeply prioritized your welfare.

Let’s discuss a few ways these attorneys specializing in estate planning can help you after the death of a loved one:

Smooth Distribution of Assets

If the person who has passed has a well-drafted estate plan in place, the division of assets will be a hassle-free process. Estate plans are usually detailed and in-depth. They specify how the assets will be distributed, who will be responsible for managing them, and how to avoid any potential disputes among family members.

Naming Beneficiaries

Without an estate plan in place, relatives of the deceased may start legal battles and uncertainties, causing undue stress on their loved ones.

Attorneys usually advise individuals with estate plans to review their wills after significant life events like marriage, divorce, or the birth of a child. This way, everyone that matters will have a befitting share of the assets.

Providing for the Minors 

Young children are usually the major victims of a loved one’s death. If the children are too young to take responsibility for themselves, the estate plan will assign their power of attorney to a trusted relative. This relative will be in charge of their fortune until they reach the legal age of independence.

Avoiding Probate

A person without an estate plan is likely to have their assets contested by probate authorities. It would take months for their process to wrap up. 

This would put a big dent in the asset distribution, and the deceased would suffer the most.

If they do have an estate plan in place, the attorneys will be responsible for safeguarding the wealth from the prying eyes of probate authorities.

Cutting Down Taxes 

If you have to face massive taxes after you’ve inherited your benefactors’ assets, there’s a chance you’ll have little funds left after settling these taxes.

With an estate plan, there’ll be tax-evading strategies that’ll help you minimize taxes on your new assets.

Here’s a practical example: Let’s assume the deceased relative has set up a trust. The assets in the trust may be exempt from estate taxes. 

If you do encounter any problems with financial agencies, you could go to an attorney for help and advice.

Conclusion

The death of a loved one can be a traumatizing process. If the deceased were your benefactor, then the grief would be compounded by thoughts of uncertainty. The presence of an estate attorney will eradicate the possibility of you being left to your fate. If your benefactor considered you worthy enough to get a quota of their assets, you would most definitely receive what’s due to you.