Most people are familiar with the basic concept of Estate Planning. Estate Planning is the process of working with an attorney to create a legally-binding plan for what will happen to your belongings and property (known as your estate) and your remaining funds (known as your assets) after you pass away.
Estate Planning is important because if you don’t make these decisions yourself, they will be made for you in probate court. You and your family will have no say in them. Estate Planning can be accomplished through Wills, Trusts, and many more methods. While many people know about passing on their possessions, they may not realize the full extent of what an Estate Plan can do. Here are 4 surprising things an Estate Plan can do that you might not realize:
Give Your Children a Guardian
If you have minor-aged children, you can use your Estate Plan to elect a guardian who will raise your children if anything happens to you. This decision will be made by a court without your input if you don’t create an Estate Plan. As part of the process, you can select multiple guardians in case your first choice is unavailable and include instructions on how you would prefer your children to be raised.
Help Your Taxes
Estate Planning can be used to help your taxes in the present. At Waserstein & Nunez, we handle Estate Planning and tax planning for people in the United States and internationally. We can help you find the methods that work best for you to both protect your future and give your pocketbook a break in the present.
Plan For Old Age
Just as you can make provisions for your children, you can also make them for yourself. An Estate Plan allows you to make important decisions regarding your healthcare and financial life before you need to start thinking about them. You can rest easy knowing that your wishes will be respected later in life, even if you are unable to express them at the time.
Pass On Your Facebook Account
Your estate isn’t limited to your physical possessions. You can include digital assets in your Estate Plan, including your social media accounts, your Netflix subscription, and all the pictures on your smartphone. This ensures that your digital possessions will be taken care of by loved ones.
Get Started Today
If you don’t have an Estate Plan, it’s time to create one! Your Estate Plan can do so much more than just pass along your house. To create an Estate Plan that works for you, contact Waserstein & Nunez today! We provide real world solutions to real world issues.
Waserstein & Nunez, PLLC
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