Proper estate planning can help couples provide enough money for the surviving spouse, ensure the education and upbringing of your children, as well as nominating a guardian for your children. Nominating a guardian is extremely important, without a nomination of a guardian, a court will decide where your kids will live and who will make important decisions about their education, money, and their general welfare. Without a nomination of a guardian all of these decisions will be made without your input.
Proper estate planning gives the maximum amount of assets allowed by law to your beneficiaries and the minimum to the government. Every dollar your estate has to pay in estate or inheritance taxes, is a dollar that your beneficiaries won’t get. Having a plan will keep costs associated with transferring your property as low as possible. Choosing capable trustees and giving them the proper authority will reduce the burden on your heirs, save money, and streamline the administration of your estate.
Estate Planning in Salt Lake City, South Jordan, and Draper
One of the biggest concerns we face as our country’s population ages is planning for incapacity. Planning for incapacity is essential for any estate plan and advance health care directives enable you to decide health care decisions in advance. Planning allows you to dictate whether or not you’ll receive life support or if you will be hooked up to a feeding tube, planning also allows you to designate an agent to make decisions for you about your medical treatment. You can also relieve your grieving survivors from having to make funeral arrangements.
Often times when people are thinking about their estate plans, they think about their legacies. Your estate plan can help support educational or faith based causes. It can also help lighten the financial burdens faced by people with elderly parents or disabled children. It may be advantageous to give during your lifetime or it may be more beneficial to do it upon your death, but you won’t know unless you ask.