Avoid the court hassles
If you don’t make a property plan, the courts will do that when you are not around. What it involves is looking into your will, estimating the value of all your properties and liabilities, paying them off and finally dispersing the property to genuine beneficiaries and legal heirs. This is a lengthy, expensive and long-drawn out procedure as everything is supervised by the court.
Ease the tax burden
If you set up a charitable trust, much of the inheritance or property taxes can go away. But this should be done while you are alive, because after death, the government will apply the 30-40% tax rule and take away a significant portion of your wealth. You could have used this money to fund many charities or your poor brethren.
Avoid all the chaos that ensues after death
Everyone appears to be living in a vacuum when it concerns estate planning. They think they can live on forever and never take precautions about how they should protect their dependents. If they die before planning for proper estate management, it will cause much agony to all the dependents and legal heirs. The lack of clarity and contesting the will usually leads to delayed court proceedings, much angst and a drain on finances. Therefore, estate planning is the best way out of this as you not only specify who should inherit what, but when they should inherit it and how much proportion of it should go towards other people who might not be legal heirs, among others.
Web of protection
More than anything, estate planning is all about protecting your dependents. After all, the property that you have accumulated during your lifetime through various means cannot go waste if your dependents don’t get to enjoy it. You can ensure that minors don’t get short changed or errant adults don’t squander away your wealth or get conned by their warring spouses and associates.
Leave a legacy
Property is all about leaving a legacy that will live on. Therefore, just dying away without a clear-cut plan on how the property should be used and by whom, you are essentially sounding your estate’s death knell. Importantly, estate planning will help you even when you are alive from any legal suits that are anticipated, both in the short and long term.
If you are sufficiently convinced, perhaps you should get yourself an account with SecureLifeVault. With bank-level security, it guards all your important documents like wills, property papers, personal financial and medical records and so on. For more on how it can help, visit us now.