You may not want to think about or deal with estate planning, but it is one of the most important things you can do for yourself and your family.
If you are not sure what all the hype is about, take a look at these four benefits of creating an estate plan in California.
1. Protects your beneficiaries
You can ease the burden on struggling family members by clearly outlining your final wishes in an estate plan, reducing the need to sort through your affairs and make difficult decisions. An estate plan also makes it easier for your beneficiaries to get the assets you want them to have without jumping through hoops.
2. Reduces tax burden
California does not have an estate tax, but federal estate taxes still apply. Utilizing estate planning tools, such as trusts, can help reduce the tax burden your heirs will face after you are gone.
3. Secures child guardianship
If you have minor children, you have one of the most vital needs for estate planning. Regardless of your age or health, you should always have a legally documented plan in place to secure guardianship of your children.
4. Gives you peace of mind
Having a detailed estate plan can give you tremendous peace of mind. Knowing that your family will be okay and that your hard-earned money is going where you want it to go can free your mind to live and thrive in the present.
No matter the size of your estate, estate planning is a beneficial tool to protect your assets now and in the future.