According to Franklin-based estate planning attorney Trent Linville, it’s all about keeping your loved ones financially safe.
Look back on the last year. If you’ve spent more time planning your vacation or choosing where to eat dinner than you have managing or planning your estate, it may be time to revise your priorities.
There are several key benefits of having an estate plan in place. According to Linville, these are beneficiary protection, taking care of young children, reducing taxes, and, just as importantly, reducing family squabbles after your death.
Estate planning is valuable for everyone, not just the high net-worth individuals of Franklin, TN. Even middle-class families can now benefit from having a will or other disbursement vehicle in place to help distribute everything from second homes to a stock portfolio. Without an estate plan in place, the courts may have a bigger role than you would like in deciding where your assets go when you die. Contrary to popular belief, your surviving spouse and children don’t necessarily get the whole of your assets without a plan in place.
If you have young children, a will is invaluable. This is an estate planning tool that allows you to designate which assets go to which child and, if they are underage, which guardians take control of these children’s inheritance before they become of age. If you have not appointed a guardian via a will, the courts may decide who will make decisions for your children.
Protecting your loved ones through an estate plan can also reduce their taxes. You have to transfer assets the right way to avoid a huge tax hit and the financial burden that comes along with it. Even with just a few small preemptive measures, you may be able to pass assets along with little to no taxes.
Finally, having an estate plan in place can reduce squabbling among your children, siblings, spouse, and even parents. When you die intestate, no one knows who gets what, and this can bring out the ugly side of your family. Determine who will handle your finances and assets if something were to happen to you while you’re still in good health. Your financial planning attorney can help.
Ultimately, the way that you structure your money now can play a huge role in your family’s comfort later down the road. Estate planning is not an action reserved only for the wealthy elite. Instead, the process is a smart move for anyone with heirs they’d like to see taken care of when they die.
Estate planning attorney Trent Linville is based in Franklin, TN, and offers affordable estate planning services throughout the greater Nashville area.