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Estate Planning - In What Ways Does it Help Your Family?

Updated on December 04, 2011

Estate Planning may help more than you realize

Is there more to estate planning than just knowing that your family and loved ones will receive your property and/or assets when you are gone? There are other potential advantages as well.

1. Estate planning can help with cutting taxes. With proper estate planning, you can limit tax liability. In fact, it is geared for that which in turn helps you to leave more money to those that you want to have it, and the groups you want to have it.

2. The quick distribution of assets. Making sure your beneficiaries get your assets as quickly as possible, is made possible by a well drawn estate plan. So get some good recommendations for who others have used for their estate planning.

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3. The ability to target worthy causes of your choosing. Often people choose other groups or organizations to be part of their estate planning. Having an estate plan gives you the assurance you want to make sure the right amounts go to the causes that you want them to. Some examples of groups that some people give to are educational groups, religious groups, and charitable organizations.

4. Helps to address incapacity, should that become an issue. There are features included in estate planning like living wills and power of attorney that can turn out to be invaluable if needed. This is necessary if you become ill or incapacitated, and need others to make important decisions for you.

5. To help keep a business going. People like this option if they have a significant holding in a business or if you just own your own business. A good estate plan can help address how you want your share to be handled.

*Talk about your own estate planning with your heirs and other people you trust if need be. Its not always the most comfortable topic, but it never hurts to plan ahead and let your family know what your wishes are exactly. Hopefully it helps to avoid any confusion on what your wishes are, later on. If it is all planned out, then it can take off a great deal of stress on the family members that would be taking care of everything.

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    • PhoenixV profile image

      PhoenixV 5 years ago from USA

      Very good information, voted up.

    • oceansnsunsets profile image
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      Paula 5 years ago from The Midwest, USA

      Thank you Phoenix! I really appreciate the comment and vote. :)

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