Blogger BlogNet40992

How Estate Planning Can Help You Right Now

0 comments Published Thursday, August 14, 2008 by bloggerblognet83280.

Public awareness of estate planning is growing a rapid rate. People today are increasingly concerned with the distribution of their assets after death and with sparing their loved ones the added burden of inheritance and estate taxes, when possible. Yet, while more and more individuals begin to understand the need for good estate planning, most never realize that it is not a task only concerned with the far, far future.

The Hidden Benefits of Estate Planning

It is widely accepted that a valid will, established trusts, and other estate planning strategies and documents have various benefits for the heirs of a decedent's property. This is not the full story, however. In fact, the act of estate planning itself gives rise to an array of practical and immediate benefits.

Looking at Your Assets

When writing a will or establishing a trust, you will need to look over and take careful stock of the property and assets you own. Investments, cash, insurance policies - all these and more must be taken into account when planning for your estate. You will also need to think seriously about what you want done with these assets after your death, and who the best person is to carry out your wishes. Sound familiar? Of course - but consider this. By forcing you to take a hard look at the status, amount, and distribution of your assets, the estate planning process also gives you a newfound awareness and understanding of your financial situation. It forces you to assess your property from a pragmatic, logical perspective which is also useful for managing your assets during your lifetime. In other words, you benefit immediately from estate planning.

Communication - The Next Step

Another thing that estate planning forces you to do is communicate. You must discuss your plans with your family and friends, negotiate compromises, and persuade hold-outs, if you want to avoid conflict over your property after you die. The hidden benefit? An increased dialogue with the people you care about, especially since the conversation concerns an issue both parties should be interested in.

Furthermore, estate planning may also require that you build a relationship with lawyers, financial advisors, doctors, and/or other professionals who can help and advise you in other matters as well. The network you build through estate planning will benefit you even in your daily life and affairs.

The process of estate planning not only prepares you for the distant future, but also provide benefits in the here and now. If you would like to learn more about estate planning, the process of doing so, and the hidden benefits both now and in the future, contact an Austin probate lawyer at http://www.probatelawyeraustin.com.

Joseph Devine

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How Estate Planning Can Help You Right Now

Blogger BlogNet40992: Aug 14, 2008

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