Ruesch & Reeve understands that estate planning is not only about your finances, and it has various elements due to which the planning process becomes quite cumbersome. Estate planning holds a lot of importance. The process allows you to make decisions related to your property, including car, home, bank accounts, insurance, furniture, or personal possession after your demise. This may sound a bit early to you, but estate planning will secure the future of your family members. It is never a futile option to plan things ahead of time.
The estate planning process is overwhelming and needs a regular review to accommodate any changes that may occur in your life or in the country’s laws. While estate planning has been sticking around for many years, the increasing popularity of the term has allowed people to rethink their choice of delaying their estate planning process lately, which sounds like good news. This is where Ruesch & Reeve, a Southern Utah premier law firm comes into play.
An adequately curated estate planning will help you in tax depreciation, and the ultimate goal of this process will be facile or complex upon the owner’s discretion. The most pivotal agenda of estate planning is that there are interpretations related to estate distribution and legacy management besides maximizing the value of your estate multi-folds.
Know 5 Reasons to Why Estate Planning is Important With Ruesch & Reeve
If you think that you are not that “old” enough to start estate planning right away, you must know Luke Perry’s case and how he protected his family with efficient estate planning. Estate planning is mainly associated with death, and no one likes to think about the most unfortunate events of life but there is no clue of what can happen to a person and when hence it is essential to plan things meticulously and reap all the 5 prime benefits:
- You Get The Autonomy To Choose Who Gets to Pick Your Assets
As you are already aware, everything you own is an estate, be it your stock portfolios, real estate investments, and other cherished possessions. If you want to prevent unwanted inheritors, planning an estate will be a beneficial option to avoid all the family fuss after you are gone. No one from the family should come to claim your property, causing your loved ones a problem as they are your priority above all.
If there is no proper estate planning in place, your family members will have to visit courts and leave it upon the judge to decide who gets what and trust us, and the entire process is not as facile as it sounds.
- Provide 100% Protection To Your Family including Younger Ones
The idea of thinking about your death is overwhelming, especially if you are young, but what if one day it just happens and you are not there anymore? Ensuring that you are securing them throughout will be nothing more than a feeling of bliss.
When it comes to the children, choosing the proper guardians after you will avoid interventions of child protection services and will secure their future further. It is about safeguarding the future of the little ones, and adult beneficiaries can also use a solid estate plan. Creating an estate plan will give you a chance to not let anyone take advantage of your beneficiaries.
- Avoid Probate and Save Expenses
Courts cost a good amount of money, and when you die, courts are forced to take care of your case, and how everything you once had should be managed, this entire process is called probate that easily exceeds $10,000 for even modest estate and takes a minimum of 6 months. Spare your heirs a big tax bite and plan accordingly.
- Your Loved Ones Can Take Healthcare Decisions For You
Also called a healthcare proxy, this allows the people around you to make medical decisions on your behalf whenever necessary instead of relying on the doctor alone to take the decision. The assigned person on your health care declaration or living will decide to cease life-sustaining measures if you end up in a terminal condition, including a coma or vegetative state.
Developing a Power of Attorney for health is as crucial as it sounds, and giving someone the ability to take your life decisions when you are not in a state to is the right option and might end your suffering forever.
- Plan Philanthropic Goals
There can be a few unfinished businesses that you always wished to work on, but you still need to get the work going, considering the uncertainty of life. It can be anything from setting up a charitable trust to creating a family foundation. As soon as you start planning on your ideas and clear your intentions to your family, it is likely that they thoroughly understand their role after you are gone and carry out your wishes.
At last, nothing is more important than mental peace, and arranging your portfolios is essential to plan everything. At Ruesch & Reeve, we specialize in estate planning for complex wills, and we are dedicated to understanding estate planning goals.
Benefits Of Estate Planning in Utah And Busting Myths of Estate Planning
Probate laws vary state-wise, hence it is vital to abide by the regulations for a hassle-free process. To be specific, most estate planning in Utah and across states are set up with the help of an experienced law firm like Ruesch & Reeve Law Firm.
Estate planning is not an unnecessary component, and rather it is a most crucial part of safeguarding your family’s future. There are several benefits associated with estate planning, but before discussing the perks of estate planning, let’s see the myths that float around people’s minds about planning estate:
If You’re Wealthy, You Can Plan Your Estate
It is prevalent for people to think about estate planning, but it’s better to plan things no matter how small your portfolio is. It is imperative to get everything you have planned so that your family can easily access your belongings after you are gone and your assets are not tied up in legacy issues in courts.
I am Too Young and Now Is Not The Right Time To Plan
You must be thinking about what could happen to you tomorrow, and you are too young to start planning. In all honesty, there is no definite explanation as to when an unpredictable event can strike in life, hence irrespective of the age and net worth, you need to start planning now.
I Have A Nominee. Why Do I Need A Plan?
It is a misconception that a nominee is always the final beneficiary. Your nominee will indeed have your mutual funds and insurance. But the owner of your assets will be your legal heir according to your will. If you don’t plan things, the transmission would be according to the country’s succession laws.
I Don’t Need Legal Opinion
Companies are specializing in the sector for a reason which is to help you out. Ruesch & Reeve understand the importance of estate planning and provide estate planning in Utah’s southern part. Legal opinions matter because they ensure that estate planning is done legitimately and consider all the nitty-gritty aptly.
Estate planning is essential to everyone regardless of age and net worth. Instead of considering estate planning a daunting chore, choose a highly skilled law firm to take the load off your shoulders with and offer promising reviews.
Role of Estate Planning Attorney and How Ruesh & Reeve Can Help?
Wondering about estate planning lawyers near me? At Ruesch & Reeve, we have a dedicated team of lawyers in Southern Utah who help you ensure that who can reap benefits from the agreements. There are many benefits of having an attorney by your side during the entire planning process as they are thorough with state and federal laws, let’s take a closer look at the ways that attorneys at the company can help you:
Identify the beneficiaries and create a will
If you are thinking about why the will is essential, then you need to understand that people’s assets do not always fit into a standard template. This is where the handwritten will comes into play that can be curated by a qualified attorney and save you from probating litigation.
Might Create A Trust
The process of probate is expensive, tedious, and extremely public. If you are handling property in a living trust, then you are most likely saving your family from the hassle of probate court. An attorney can help you in ensuring that all your assets are designated correctly.
Develop A Power Of Attorney
You giving another person the autonomy to manage your financial affairs is what Power of Attorney is. There are 2 kinds, including a general power of attorney and springing power of attorney. Estate lawyers are important as they can quickly get you over the costly conservatorship process.
To avoid estate taxes altogether, including AB trusts, ABC trusts, or revocable living trusts. Planning with Ruesch & Reeve’s estate planning lawyer in Utah, you can eliminate a significant amount of tax burden.
There are multiple other things that a premier law firm like Ruesch & Reeve can do if you are planning your estate, from protecting your child’s policy, filing beneficiary forms to making final arrangements and safeguarding your business.