Securing assets and the estate have gained a lot of importance. Many people have started considering the approach of an estate plan to protect their assets for their loved ones. However, some estate planners still get confused if they should include their investments in their estate plans.
An estate planning attorney could provide significant help to any applicant who’s looking forward to estate planning. There are multiple reasons why you should include personal assets in the estate plan. Some of the crucial factors of the same are listed below.
- Protecting beneficiaries
The primary reason why one should include their personal assets in their estate plan is to protect their beneficiaries. These beneficiaries can be the applicant’s children, spouse, family, or close ones. Primarily, one can list more than one beneficiary to inherit their assets.
One of the concrete reasons to include personal assets in the estate plan is to avoid unwanted creditors and leave those assets for one’s family. These assets or estates can help the beneficiaries acquire the assets without any legal proceeding.
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- Secure future
In many estate planning cases, the applicants named their children or minors as the beneficiaries. It helped them in stepping toward a secure future for the children. Often, people list their assets and estate to ensure their children would be taken care of after their death.
Instead of only listing a property in the estate plan, one should not forget to add personal assets. The applicant cannot make changes to the trust, will, or any other legal document covering the plan. The applicant can also contact an estate planning attorney to manage all the assets and beneficiaries effectively.
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- Unwanted creditors
Some estate planning cases reported a few unwanted creditors who wanted to acquire personal assets and other estates. In the worst-case scenario, personal assets could be obtained if the estate plan fails to mention the details explicitly. The will or trust should ensure every detail about managing and transferring the asset. If one fails to do so, the beneficiaries may not get their assets. The court will decide the acquisition of those assets. In such cases, a probate procedure could become mandatory for the beneficiaries.
The primary benefit of an estate plan is to list personal assets and estate and assign the beneficiaries to them. This benefit helps the applicants avoid probate and any other legal procedure requiring them to submit proof of the acquisition of an asset.
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