In the modern world, more people are taking a do-it-yourself approach to many elements of their lives. They cut their own hair or maintain their vehicles themselves, to name just two.
Doing some things yourself offers advantages, such as ensuring self-reliance and saving money, but not every task is suitable for a DIY approach. A prime example of something that benefits from knowledgeable guidance is planning one’s estate, and here are four reasons why.
1. Complex assets
Some people have only a couple of bank and retirement accounts and perhaps a home to worry about protecting in their estate plan. However, many others own complex assets like investment portfolios, overseas property or cryptocurrency. Guidance may help to ensure your plan meets your needs and protects all your complex assets.
2. Elaborate family dynamics
Blended families are quickly becoming the norm in America, and many have kids with their current spouse and children from previous relationships. Estate planning guidance can ensure all your kids receive a fair portion of your assets after you die. Having one or more relatives with special needs may also benefit from a customized estate plan.
3. Heavy tax burdens
Those with a high net worth sometimes fail to realize that their loved ones may face significant taxation when collecting their inheritances. Working with someone who understands Virginia estate planning can help you create unique strategies to minimize tax burdens for your surviving family members.
4. Creditor protection
Chances are, you might leave the world while still in debt to some degree. Even the very wealthy have lenders and other creditors that want to get their hands on the assets they leave behind. To ensure your creditors cannot make things hard on your family, consult with a firm that can help you plan how to address your debts after you die.