Your estate plan helps to protect your assets and preserve a legacy to pass on to your chosen heirs. Without a good estate plan in place, your personal wealth and assets as well as general family assets might be at risk after your pass on and even while you are alive.
Protection for assets while living
As people accrue wealth and assets over time, they might find that some items are better preserved in a trust that can take legal control of an asset while still leaving it at their disposal. A home or other financial assets placed into a trust are examples of assets that estate planning can protect while you are alive. You can place conditions on their release from the trust and use an estate plan to protect your family if you suffer a debilitating accident or other event that renders you incapable of continuing to provide for yourself and your family.
Ensure intended distributions after death
Surviving family members and others you name in a will find it much easier to settle your estate and move forward when a sound estate plan is in place. You can prevent potential legal fights and family squabbles that might extend the time and cost of settling your estate by ensuring that you have a good estate plan in place. This will make sure estate debts are paid and your assets go to those whom you want to receive them.
Reduce taxation impacts
An old saying says that death and taxes are the only two things anyone can count on encountering during a typical lifetime. An estate plan helps to control the taxation aspect as well as the way that death impacts your estate and financial legacy for your heirs. You can protect valuable property and financial assets while reducing your personal tax burden with trusts and other tools.
An experienced attorney in Delaware may help you to learn more about the many great estate planning tools available for you. The attorney may help you review your plan periodically to ensure that it always meets your needs.