It happens all too often that the rightful heirs of some properties are cheated out of their inheritances because some smarter people could take advantage of the unexpected death of the property owner, Mr. X. Looking on such a distasteful scene, the words on everyone’s lips is usually “it would have definitely been different if Mr. X. left behind an Estate Plan”.
To be honest, it is understandably difficult for most people to think that far ahead. Death seldom comes with alarm bells loud and timely enough to allow people to put their affairs in order before anything wrong happens.
Hence, below are some reasons why reaching out to estate planning lawyers to create an excellent estate plan is of critical importance.
It eases the property transfer process
There are many ways available to property owners to transfer their ownership of a property to others, with wills, testamentary trusts, gifts of property and direct transfers boasting different advantages that make them attractive options as transfer channels. However, wills can be contested after death of the owner, and the other channels are not free of the tax liabilities, executor and legal fees, as well as other expenses that will dent the coffers of the beneficiaries and the estate.
Fortunately, the estate plan exists to put all those worries to rest. By creating an estate plan, you clearly indicate your wish for the future of the estate, who will inherit it and when it will happen, leaving no room for any other eventuality. This makes sure that the transfer to your intended beneficiary goes as smoothly and quickly as possible. Also, your dependents are well taken care of during that time and all their needs are satisfied, and there’s more.
The execution of wills usually involves a legal scrutiny of the value of the property that is the subject of execution. This is done to tie the loose ends of a bills and taxes left unpaid by the deceased upon his death before his/her death.
For most people, the inquest into the value of their property is a private matter they would prefer to avoid for myriad reasons. Estate planning lawyers in Burlington, Iowa are adept in using the estate plan to complete this transfer of property while keeping matters private.
Shield the intended beneficiaries
In Burlington, Iowa, and indeed many parts of the civilized world, there is a remarkable decrease in the number of cases of beneficiaries losing the bulk of their inheritance because of the expert utilization of estate plans by proficient estate planning lawyers in Burlington, Iowa.
Clear-headed property owners can use their estate plans to prepare protect their underage beneficiaries by appointing conservators or guardians to protect their interests until they come of age. Also, the estate plan can be used to guard the beneficiaries from themselves. A good example is in the common cases where their spouses try to make off with the properties transferred to the beneficiary, the estate plan kicks in to keep the properties with the beneficiaries regardless of their best efforts.
Keep the estate alive
Most estates and businesses tend to fall apart as soon as their founder passes away, with an estate plan designed by experienced estate planning lawyers of Burlington, Iowa or anywhere else, the estate gains a fraction of immortality.
The property owners can prepare funds that will be used to settle any bills and fees that will keep the estate afloat even after the owner’s death. The owner can also delegate the responsibility to designated beneficiaries before their death, respective of their activity in the estate before the estate plan takes effect. Additionally, steps can be taken to manage the capital gains taxes to future heirs of the property..
Even if the owner is alive but rendered unable to discharge his duties with as much efficiency as is needed, a well-documented estate plan can do wonders for such a situation. The owners can also appoint more capable hands to help the beneficiaries to handle the control of the estate.
It should just be said that the estate plan puts the future of the estates of property owners in their hands at that moment, whether they are in Burlington, Iowa or anywhere else, so they can mold it the way they wish.