Estate planning should be a normal task for all adults, regardless of their wealth. A comprehensive estate plan will ensure that your wishes are followed after your passing. It can help protect your assets and those closest to you. There are several reasons why it's wise to consider estate planning now rather than later.

1. Tax Planning

Planning your estate can help you save money regarding taxes. Depending on the types of assets and beneficiaries involved, there may be certain tax rules applicable to your estate that a qualified lawyer can help you navigate. Proper estate planning could decrease the amount of taxes owed upon death or transfer of assets.

2. Asset Protection

Estate planning can protect your assets from creditors, lawsuits, and other unexpected liabilities. An estate plan can help you manage your assets in the event of a disability or death, including dividing property between beneficiaries according to your wishes.

3. Control Over Beneficiaries

When you create an estate plan early, it can also allow you to direct how your assets will be distributed upon death. You can name specific beneficiaries and tailor the distribution of assets that best meets their needs. Without a plan, your state laws control whatever you leave behind.

4. Avoid Probate

Probate is the court-supervised process of validating and distributing a person's estate after death. It can be time-consuming and expensive, with legal fees, executor fees, and taxes that can quickly add up. Dealing with your estate now can help you avoid probate by transferring assets to beneficiaries directly.

5. Peace of Mind

Estate planning can provide peace of mind for you and your family. Knowing your wishes will be followed after death can give you the security to live life to the fullest and help ensure that those closest to you are taken care of. According to Legal Zoom, 77% of American adults believe estate planning is important for everyone, regardless of their wealth. They're right!

Don't wait until it's too late to plan how your beneficiaries will be cared for. You worked hard all your life and it would be a shame if your earnings, personal belongings, and property fall into the wrong hands. If you have yet to plan your estate, now is the time to act. A qualified lawyer can help you create a comprehensive plan that meets your needs. Contact our law office today at Kollmorgen, Schlue & Zahradnik, P.C. for a consultation.