Estate planning is your future will where your assets are protected from tax and distributed to your family members according to your wish. However, every event has some advantages and demerits. If you want to understand estate planning, seeking help from an Estate Planning Attorney will be in your best interests. This blog will help you understand the pros and cons of estate planning.
Cons of estate planning –
- Costs of planning
When you consider making an estate plan, you must keep in mind that it will cost you a lot. Since you will need some professional assistance like an estate planning attorney, an experienced accountant, and, if needed, a tax advisor. Only these three assistants will have an upfront cost for helping you create a customized estate plan and keep reviewing your plans to update them according to the change in events.
- Maintenance and updates
As you know, estate plans need regular reviews and updates. If you do not have any legal support, you will surely face a lot of troubles like creating your plan, managing your assets in different fundings, preventing taxes from your plan, and many other problems.
- Emotional stress
Creating an estate plan comes with a lot of emotional stress. You will have to keep tabs on your assets; you will have to bear family disputes and other difficult options, which can lead to stress and anxiety.
Pros of estate planning –
- Having all the distributions in control
When you are preparing for estate planning, your attorney and tax advisor will guide you through all the legal options you can take and all the legal issues you can face in the future. Therefore, you can let your attorney manage all legal options and distribute your assets according to your wish. Your estate plan will prevent further family disputes and complications.
- Protecting your assets
Estate plans make sure that your assets are protected and safe from taxes and other legal issues that can have a major impact on your assets. By creating some structures like trusts and charity funds, you can avoid unnecessary taxes and legal issues.
- Protection for your minor children
Estate plans not only let you distribute your assets between your family members and beneficiaries but also allow you to set some individuals as a guardian for your minor children since you do not know when you will pass away. That is why you can rest assured that once you are gone, there will be certain individuals who will take care of your minor children.
If you are making an estate plan and you are not aware of its pros and cons, consider consulting with your estate planning attorney and discuss your queries.
