Estate planning is a key element to protecting valuable assets and saving money. There are many people who fail to invest in estate planning, however, perhaps not considering the sum of their assets. If you have significant assets or property, you should explore the protection and opportunities good estate planning provides.
Working with an accountant to assess the value of your assets gives you more control for future planning. Should you neglect to pursue this option, the placement and assumed value of your assets will be subject to probate and regulations beyond your control if you become incapacitated or pass away before arrangements can be made. You may need to plan for the timing and appropriate dispersal of property, land or money for a family business or inheritance.
Having an estate plan in place also helps prevent future disputes when it comes time for assets to be handed down to your beneficiaries. No matter the age of the beneficiaries, a prearranged plan ensures that the use of your assets is not influenced by outside parties or other extraneous circumstances. Sometimes our beneficiaries need to be protected from themselves. An accountant can help develop a plan that does just that. With multiple beneficiaries, you need a plan to avoid conflict among the people inheriting your property and assets.
Another reason to have a sound estate plan is to avoid unpleasant surprises that may arise from unforeseen circumstances, such as health conditions, business failures or personal conflicts. By pairing your estate plan with a financial plan, your assets will be more secure in the event of a potential legal dispute. You shouldn’t wait until an issue arises to make these arrangements, so working with an estate planning accountant is a preventative measure.
Investing in proper estate planning now provides security to your family or business in the years to come.