Creating an estate plan in Delaware is a task that everyone should accomplish. Everyone from single millennials to wealthy baby boomers can benefit from estate planning. There are many different documents and tools that can help you accomplish your goals regarding your assets, wishes and family legacy.
Here at Law Offices of Bonnie M. Benson, P.A., we help clients achieve these goals.
Decide who gets what
If you die without an estate plan in place, the government will decide who receives your assets. But you can take matters into your own hands. Writing a will and creating a trust are just some of the ways you can pass on your assets to your beneficiaries according to your own wishes and feelings.
Reduce estate taxes
Depending on the size of your estate, it may be on the hook for estate and inheritance taxes. This can result in a significant amount of your wealth going toward taxes instead of your heirs. With the right estate planning strategy, which often includes setting up a trust, you can significantly reduce or even eliminate your tax liability.
Enforce your wishes regarding end-of-life care
You can create a living will to voice your opinions about life-prolonging treatment. This gives you and your family peace of mind that your wishes will be followed if you ever become incapacitated through a terminal illness or severe accident.
It is possible that your heirs may squabble over your estate, especially with insufficient documents or a lack of communication. But with a robust plan in place, you can reduce confusion and save your loved ones from costly legal battles and emotional discord.
Our page on wills and trusts can provide you with more helpful details.