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The Importance of Wills and Estate Planning: What You Need to Know

Ferguson Hayes Hawkins, PLLC Jan. 25, 2017

It is important for individuals to be prepared for anything that could happen, which is why it is vital to have a legal will and an estate plan. A wills and estate planning law firm can help individuals prepare legal wills and help with estate planning. Read our list of will and estate planning benefits that will explain the importance of being prepared and seeking help from a wills and estate planning law firm. If an individual has not drafted a will, then he or she should contact an attorney who specializes in personal wills in Concord.

Wills & Estate Planning Benefits

1. Name Guardians

If an individual has children, then a will is crucial. If both parents are deceased, then a minor will be in the custody of a guardian until he or she comes of age. A will is vital because it allows an individual to select a guardian for his or her children.

2. Choose Who gets Your Possessions

A will is also beneficial because it allows an individual to name who gets his or her possessions after death. When an individual has a will in place, he or she can decide who gets his or her most prized possessions, which will also eliminate any disagreeing that may occur between family members.

3. Protect Heirs

If an individual dies and his or her beneficiary is not old enough to manage an inheritance, then a will can establish the inheritance be set aside in a trust until the heir is old enough to manage his or her inheritance.

4. Financial Peace-of-Mind

Estate planning can ensure a spouse and children are able to get by financially. Estate planning can make it possible for family members to maintain their current standard of living after their loved one dies. An estate plan is a solid way an individual can prepare to take care of his or her family after death.

There are several benefits to estate planning and wills. If an individual has a taxable estate, then is could minimize or possibly eliminate estate taxes after his or her death. When an individual takes time to prepare, it gives him or her control of what happens after death and provides them with a peace of mind.

If you are interested in drafting a will or estate plan, then contact our office today! We have the legal expertise to guide you in the right direction.