Nobody wants to think about dying or what will happen once they’re gone, but that doesn’t mean people should avoid making plans. This typically involves checking out a company that handles Personal Accounting in New York City to do some estate planning. There are numerous benefits associated with estate planning.
Get Money and Property to Family Members Faster and More Easily
With proper estate planning, your family won’t have to worry about going through probate before they can access any funds or property you leave to them. The process of going through probate can be expensive and time-consuming, leaving your family without access to their inheritance for up to nine months. A company dealing with Personal Accounting in New York City can help set everything up to avoid this potential problem.
Maximize the Amount of Money Your Family Gets
With proper estate planning, you can minimize the amount of taxes your family needs to pay on the estate. This will help ensure that your family gets the most money possible to help with expenses after you’re gone. With proper planning, you can also make it more likely you’ll be eligible for Medicare benefits during your retirement so you don’t have to spend as much on health care.
Make Your Wishes Clear
Another benefit of estate planning is that you can make it clear what you wish to happen in different situations that could occur should you become incapacitated and not able to make your wishes known. During the estate planning process, you can designate power of attorney, set up end-of-life care and funeral arrangements, and design a living will to make sure everyone knows and follows your wishes. This means your family won’t have to make as many potentially difficult decisions.
Designate a Guardian for Children
Another issue people with children may need to worry about is what happens to their children if something happens to them. Without a designated guardian, children could be put into the care of child protective services, making your loss even more traumatic for them.
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