Why is it important to do Estate Planning? There are three main reasons. First, to avoid strain in family relationships. You don’t want your spouse, children (both legitimate and illegitimate), and your other relatives fighting over who gets which, when you die. Second, to lessen, if not eliminate, the financial implications of your death. You should know that all your assets become frozen when you die, and your family must pay the estate tax to be able to access your money and transfer ownership of your properties. These assets include all your cash in banks, properties under your name, and all your stocks, mutual funds and other paper investments. And third, having an estate plan allows you to leave behind a good legacy to your family. By preparing for your death, you are helping them to move on comfortably with the life you have dreamed and designed for them.
Posted on: Fri, 01 Nov 2013 19:40:26 +0000
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