Why Do You Need An Estate Plan? The Top 5 Reasons
Ian Filippini Santa Barbara
The Ian Filippini blog explains There are a number of reasons why people prefer to create an estate plan in their early years, the answer lies in future planning. Safeguarding your property assets should always be your first priority and ensuring that all your real estate passes on to your heirs in a hassle free way.
Ian Filippini from Filippini Wealth Management in Santa Barbara explains that when you have a substantial amount of real estate, you should focus on creating a plan to manage your real estate, when you are alive and when you are gone.
Here are the top 5 reasons why you should consider getting an estate plan:
Avoid Hassle And Mess In The Future
A large number of people prefer to go for an estate plan when they witness the hassle they could be facing. No estate planning usually means wasting money, time, and resources. When you have an estate plan at hand, you have a trusted person to look after the distribution of your wealth when you are gone. Who will get what, when will they get it, and how much will they get? These are some questions, which might be bothering you regarding your assets. When you have an estate plan, these questions should be the least of your concerns.
Asset protection planning has been growing in the recent years at a whopping pace, and people who already have a well-established estate plan seem to be updating it. This is largely because of the fear of lawsuits, once you suspect that you might be tackling a lawsuit in the future, it is too late to implement the plan.
Getting a financial plan and a perfect estate plan, preferably from an advisor like Filippini Wealth Management in Santa Barbara can help ensure that your beneficiaries get the assets when you are gone and your assets are safe when you are here.
One of the most common reasons why people go for estate planning is that they get to avoid probate. While a large number of people don’t even deal with probate, but they do know one thing about it- they want to avoid it. Estate planning offers a legal and easy way to avoid probate.
Cutting down Estate Taxes
The sizable reduction in the payment if state and federal taxes like inheritance and estate taxes is another reason why you should get an estate plan. Ian Filippini from Filippini Wealth Management explains that through basic, systematic planning, married couples can substantially reduce estate taxes or even eliminate them by setting up more advanced types of trusts as part of their will. Moreover, there are a number of other legal loopholes, which married couples or even individuals can use to reduce their estate taxes, or even better, eliminate them.
Ensuring That Your Beneficiaries Get What You Left For Them!
As Ian Filippini from Filippini Wealth Management in Santa Barbara explains that mostly people go for estate planning for two reasons:
● For the protection of minor beneficiaries, who are still not of age
● For the protection of adult beneficiaries who are prone to making bad decisions, or have credit issues or spouse issues
In case the beneficiary is a minor, then according to state laws, there should be a guardian or a caretaker to look after the minor’s needs, and finances until the minor becomes an adult. You are advised to avoid wasting money and time, by selecting a caretaker or guardian for your minor beneficiary. This way you can ensure that, your minors will not be suffering after you leave and they will get what is rightfully theirs.
On the other hand, if the beneficiary is too old, or an adult who is bad at making financial decisions, or someone who has relationship issues and you fear the spouse would be taking over the inheritance, then you have the option to create an estate plan that will protect the beneficiary from making irrational decisions. More importantly, your estate plan has the power to protect your beneficiaries from any sort of problems later.
You Will Feel Better Once You Have An Estate Plan!
Ian Filippini explains that once people know that they have an estate plan in place, they are more likely to live happy in the future, as they know that their assets and their family, everything is safeguarded, in their presence and it will be safely handled when they are gone.
If you are looking forward to getting your estate plan, be sure to contact, Filippini Wealth Management in Santa Barbara, where professionals like Ian Filippini work with you to create the best estate plan!