Not too many people in this world know the exact day they are going to be leaving it. At the same time, there is not a person alive who is not going to die some day. The best that we can hope for when it comes to leaving this world is that we might be able to leave something of value to the ones we love.
The key words in that last phrase are “to the ones we love.” What we do not want to happen is that we end up leaving our loved ones with more paperwork and problems that will surely arise if we do not leave a will for them to follow. The problems that occur when we do not leave a legal will for our family and friends to go by are sometimes mindblowing for even the most educated estate planning attorney who knows the ins and outs of business law and how it affects ordinary people.
Just over half of all Americans between the ages of 55 and 64 do not have some kind of will. A look at all Americans, in general, shows that 64% of the entire population does not have a will of any kind at all. Many people might assume that because they do not have much, there is no reason for writing a will, let alone trying to find legal help to get it written and make it legal.
Another reason, sadly, that many people do not have a will is that they are just scared. Many people are frightened; that if they get a will drawn up, that must mean that they are giving up and are ready to die. But, fear does not have to be a reason to put off what you know you really want to do.
The fact of the matter is, it is relatively easy to find someone in the business law or elder law sector to steer you through the procedure and help make sure you have made all of the decisions for your beneficiaries now, while you are of sound mind and body. You might not even know what you can do with your holdings until you speak with a business law professional.
For example, the way it was in 2015 regarding bequests–gifts to other individuals upon your death– was that you could leave them bequests that were worth up to %5.43 million free and clear of any federal estate tax. This is what is referred to as the estate-tax exemption. You might not have know that little fact had you not consulted business law professionals about what to do with your estate.
Being as informed as you can be is the smartest way to make any decisions when it comes to your finances or your estate. While you might not be worried about your family being the type in the movies or television shows that go crazy over their inheritance, you still want to be aware of what things will be able to go to them and what things will be taxed.
Thinking about death is morbid. You are absolutely right to think that. But, if you do not take the time while you are able to secure your estate with a legal will, you will be leaving your next of kin with a great deal of confusing and difficult legal problems. You want to make things as easy as they can be for your family after you pass. Start now to be sure that you do.