The motives for having an estate plan are diverse as the people affected and, it appears there are many misconceptions about the topic that can cause much harm. For instance does one have a need to be "rich" to have an estate plan?
The answer is "No" One doesn't have to be wealthy to have estate planning. All you require is the will to leave an inheritance to the next generation of the highest amount of wealth that you've accumulated over the course of your life. You can also find more information about estate planning via www.jonpurnell.co.uk/long-term-planning.
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The main advantages of having a properly-drafted estate plan include reducing the cost of the transfer of your estate to your beneficiaries, reducing the administrative complexity, and ensuring to the best extent feasible that your wishes regarding distribution are carried out.
The compelling reasons to build an estate plan:
1. The person who is responsible for managing your affairs should you become disabled or you die. If you do not take this step, a judge will decide on your behalf, not just who gets the wealth, but also who will distribute it. You don't know who the court will select. Take control of your own fate!
2. Avoid probate during your lifetime, and after you die. Do you want the court to have control over your assets or you?
Probate proceedings are considered public cost, costly, and lengthy which should not be undertaken when it is possible. Transfer your wealth to your heirs swiftly easily, safely, and privately by creating a solid estate plan.