1. To keep yourself and your loved ones safe while you’re still alive

A solid estate plan can protect your interests and provide your loved ones authorization to act on your behalf if you become incapacitated and unable to make decisions for yourself.

2. To make things clear

An estate plan not only allows you to leave precise instructions on how assets should be passed down but can also help you avoid family feuds.

3. Probate should be avoided if at all possible

Without appropriate planning, the probate procedure can take a long time and need a lot of effort to complete. Furthermore, any size estate might be burdened with probate fees and taxes.

4. To safeguard the privacy of your family

Anyone can see who was named as an heir in your will in places where wills are considered public records. At the absolute least, your family may be flooded with adverts from businesses attempting to promote their services. Your privacy, as well as the privacy of your family members, can be protected with proper estate planning.

5. To save money on taxes and leave more money to your loved ones

A properly prepared estate plan can assist families to avoid paying more taxes than required whether they are currently subject to estate taxes or may become so in the future.

NetworkBD can assist you in achieving the following goals, regardless of your age or the size of your estate:

1. Determine to whom you want to leave your property after you die (generally, this includes family members and other loved ones).

2. Ascertain that your property is distributed to those you have identified/nominated with the fewest legal obstacles possible.

3. Reduce the amount of taxes that must be paid so that your property can be passed on to others after you die.

4. Set up living trusts to avoid the time-consuming probate process.

5. Make a decision about the type of medical care you want if you become incapacitated and are unable to communicate your wishes.

6. Decide and plan your own funeral according to your wishes (including how related expenses are to be paid).

Many people believe that estate planning is only for the wealthy ones. Although people who are rich or have amassed a significant amount of wealth consider estate distribution, estate planning is for everyone because it ensures that your loved ones are well cared for and that your estates are distributed properly.

Many people avoid estate planning because they believe they do not own large estates, that they are still young, or that they are too busy. Many people are perplexed by estate planning and are unsure who can assist them. When something bad happens to them, however, it is up to their families and loved ones to pick up the pieces. Instead, estate planning allows you to consider and organize your estate distribution and beneficiary designations.

Yes, estate planning can be a cost-effective option. Rather than looking for a complex estate plan, you can easily start with what you can afford. A will, term life insurance, health care decisions, and powers of attorney for your assets are all good places to start for a single adult or a young family.

Many people are aware of the possibility and reality of death and incapacity, but few consider their own mortality or the possibility of being unable to make decisions for themselves. As a result, when incapacity or death strikes, many families are caught off guard and unprepared.

This is without a doubt the most important benefit of estate planning. A well-planned and executed estate distribution will provide you and your family with peace of mind.

Estate planning is a continuous process rather than a one-time event. Your estate plan should be reviewed and updated on a regular basis as your family and financial circumstances (including laws and regulations) change. An experienced attorney or professional estate planning advisor can offer crucial advice and assistance in ensuring that all of your documents are properly prepared and handled.