Estate planning is not just for those who have large estates. Estate planning is important for everyone with possessions. AOG Wealth Management, a Reston wealth management firm, provides you with the 4 vital reasons why you need estate planning:
- Avoiding Probate
This is the main reason why people seek advice for estate planning. Because probate court proceedings are typically strenuous and time consuming, it is important to make sure that all assets are easily passed on to heirs.
- Reducing Estate Taxes
Though tax laws often change, assets left to anyone (except to your spouse or a charitable institution) will be taxed through inheritance taxes. Significant estate taxes can be saved by proper estate planning before your death or, for couples, before one partner expires.
- Avoiding a Mess
In the aftermath of your passing, you don’t want your loved ones to have the burden of sorting through your assets. A significant amount of time and money will be wasted, not to mention the stress it will cause your loved ones. Choosing someone to help you make your estate plans prior to your passing will be very helpful to your family.
- Protecting Beneficiaries
If your beneficiaries are minors, the law requires a guardian or a conservator to manage your assets until the minor reaches the legal age. You can prevent family discord and costly legal expenses by taking the time to designate a guardian and trustee for your minor beneficiaries.
As a NoVa wealth management firm, we can provide you with helpful estate planning advice. To learn more about our company and our estate planning services, you can browse through our website, or just give us a call and we’ll gladly answer your questions.