As you get a bit older and have a family to raise, it might be a good time to start discussing Estate Planning. It is critical to make sure that if you have something of value that you want to pass on to your children, you do so through Wills, Estates, and Trusts Huntersville NC. Having these vehicles in place as a means of passing on an inheritance will prevent your items or cash from entering probate court and being redistributed to family unevenly. It is important to plan ahead for this, so as to prevent family feuding, as well as being able to enjoy numerous tax benefits that you can take advantage of by using these financial vehicles.
As soon as you have children, it is time to start thinking about getting Wills, Estates, and Trusts Huntersville NC in order. You need to have a will for more than just passing on property. Most families with young children create a will so that they can specify guardians to take care of the children if they should pass away. Having this legal document will prevent the children from being involved in a custody battle between extended family members, as well as preventing them from going into foster homes. An attorney is necessary in order to make the will an official legal document.
Another reason to consider using Wills, Estates, and Trusts Huntersville NC is because of the tax benefits. In a trust, you basically assign a trustee to hold and manage an asset to be distributed to specified beneficiaries. There are many tax benefits that you can take advantage of by using a trust. One of the biggest tax advantages comes when passing an asset from generation to generation. With a trust, you can pass on an asset without it being taxed at all. The inheritance is also protected from any lawsuits that might be filed, or any creditors trying to collect a debt.
As you can see, estate planning is a critical part of securing your family’s future. In order to put these measures into place, you will need to seek the help of a professional attorney. An attorney will help make sure that you get all the legal protection you need to protect your children, and the assets or property you want to leave for them in the future.