4 Reasons to Start Your Estate Plan Today!

Thinking about dying is never fun. Even though we know we’re not immortal, most of us spend as little time as possible thinking about our eventual, inevitable demise. This approach might be easier on our emotions, but there are lots of very strong arguments for taking the time to make an estate plan to ensure that your wishes will be respected after your death. Some people think that if they don’t have many assets, it might mean that estate planning isn’t necessary for them. That’s incorrect —  estate planning is a must, regardless of the size of your estate. In today’s blog post, we’re looking at 4 reasons to start your estate plan today.

1. Protect your family from the stress of disagreements and legal battles.

If your wishes are not clearly expressed, your loved ones might end up arguing among themselves about who gets what. “Dad would have wanted me to have the beach condo.” “I think he would have wanted us to sell it!” After a loved one’s death, it can be difficult to keep emotions in check. Without guidance, your children may struggle to make reasonable determinations about your desires. With estate planning, you can spare them the heartache, feuds, and stress.  

2. Make sure that your minor children will have a guardian of your choice.

If your children are still minors when you die, they will need a guardian. Usually, that’s the other parent, but sometimes there are horrible circumstances where both parents lose their lives at the same time. Who would care for your children in this situation? If you want to have a say in this, an estate plan is essential. 

One common misconception is that your child’s godparents will take custody of them in the event of a tragedy. Being a godparent is not a legally binding position, and if you want your children to be cared for by their godparents, it must be made legal through estate planning. 

3. Minimize transfer taxes.

Proper estate planning allows you to leave your assets to your loved ones in the most tax-efficient way possible. The IRS limits how much cash can be transferred to any one person at one time without being taxed. Good estate planning strategizes to save your estate money.

4, Determine what will happen if you are incapacitated.

Estate planning can be helpful even while you are still alive. There may be a situation where you are incapacitated — whether you are in an accident and go into a coma, or lose your memory to Alzheimer’s disease or dementia — and cannot express your wishes for your medical care. An estate plan can ensure that your relatives and doctors will know how you would like your medical situation to be handled.

Whether you do it for the benefit of your family or for your own peace of mind, getting started with an estate plan is an excellent step to take. It is important to have legal guidance as you begin this process. Sutton Law Group is a multidisciplinary law office serving clients in and around Miami. We would be thrilled to help you with your estate planning needs. We even offer free phone consultations for new clients. Give us a call today at (305) 667-4481.

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Sutton Law Group

Sutton Law Group is a full-service, multidisciplinary law office serving clients in and around Miami, Florida. Established in 1985, we are trusted legal advisors and advocates in complex and even life-changing legal actions.

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