DeFreitas & Minsky Accounting Blog

Why Is Estate Planning Important?

Posted by admin on Sep 16, 2013 10:57:14 AM

why is estate planning important

Estate Planning is one of the noblest things one can do for his or her family. The purpose of estate planning is to ensure that your family will be taken care of properly in the event of your death. It ensures that all of your assets and wealth will be distributed the way you wanted, to the people you love and care about.

Why is Estate Planning Important?

Proper estate planning also allows for reductions in taxes, which will increase the monetary value of your heir’s inheritance. There are a few main reasons for estate planning and each one answers the age old question – Why is estate planning important?

Financial Security 

The first reason for estate planning is to help you live life fully. What we mean by that is that in preparing and planning for your estate, you ensure your family’s financial security. By providing for them, even after your death, you can live your life with less stress and worry.

Assets

The second reason why you should consider estate planning is so that you can pass on your wealth and property. You must provide both administration, someone in charge of the paperwork, and disposition, someone who decides who gets what, of your assets.

Safety and Guardianship

The third thing which answers the question, “why is estate planning important” is that you can provide for guardianship of children who are still too young to live life on their own. Who could be more important to you than the safety and happiness of your child? In the event of your death, estate planning will allow you to choose someone responsible to raise your child and give them a proper upbringing. This eliminates the possibility of the state having to take over guardianship over the child instead.

Decrease Taxes

The last thing which will benefit your family and you will be to decrease taxes that are usually paid on your estate.

If you are still interested in learning more about the financial benefits of estate planning be sure to contact one of our professionals here at Defreitas and Minsky LLC. We would be more than happy to help you on your quest to plan for the future.

Speak to one of our accountants today

Topics: Financial Planning, Estate Tax