3 Reasons Estate Planning Matters

Couple Going Through Estate Planning

When talking about estates, most people aren’t too quick to go to the task of doing it. After all, the name itself makes it seem like something only for the upper class. Nowadays, however, even those of other classes put value in preparing for where their savings and property will go after they pass.

If you’re not convinced, here are three reasons hiring estate planning lawyers in Townsville is one of the smartest ways you can prepare your family for the future.

1. Determine who gets what

One of the most basic reasons to invest in estate planning is it clearly designates who gets what when it comes to your inheritance. Let’s face it, shall we? When talking about money or even just the promise of money, it’s possible to change the dynamic of the family, and it’s not always for the better. With a proper plan in place, you can avoid all this and give people the peace of mind that they’ll get what is due to them without prejudice.

2. Protect your children

This risk of conflict is especially reprehensible when you have young children. After all, those who are not of legal age aren’t able to contest what you want them to inherit should adults give them any trouble. Hiring a competent team of estate planning lawyers will ensure that your children’s interests are well protected. This includes the creation of trusts and the proper transfer of titles and papers to your kids.

3. Avoid probate hassles

Any asset that’s yours upon your passing is subject to probate, which can be both lengthy and costly. This process requires your executor appointed by probate court to manage your assets and distribution to receive a small fee. That’s not counting other fees. With a lawyer to help you, you can avoid this time and money consuming process by initiating steps like joint ownership with a beneficiary as well as creating a revocable trust.

With a lawyer by your side, you can be sure that your estate is well managed and distributed when you pass on.