It is easy to forget the importance of estate planning. We don’t like thinking about what will happen to our loved ones after we have passed. Even if you’re not there to support them, estate planning can provide a bright financial future.
Today we will be discussing the importance of estate planning, and how to create a trust in your 30s. How to make a trust and a will!
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Understanding the benefits of a will and how important it is to plan for your estate
Many people skip estate planning for years. A recent survey revealed that two-thirds of Americans don’t have an estate plan.
As we age, the number of people who have a trust or will increases. It is important to create an estate plan as soon as you can.
Estate planning is especially important in your 30s. This is because you will likely experience many life transitions, and assume new responsibilities.
Your 30s are an exciting decade.
Let’s now discuss why estate planning is so important, especially for those in their 30s.
Make sure your loved ones are financially secure
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Protecting your loved ones’ financial future is the number one reason you should create a living trust or will. It can be hard to imagine the possibility of your loved ones not being there for you, but a living trust or will can help ensure that they are taken care of.
Trusts aren’t just for the super-wealthy or trust fund babies. A trust can provide a secure financial future for your family, regardless of how wealthy you are. A multigenerational estate plan is the best way to create wealth for your family.
Reduce estate taxes
Most people don’t like the idea of paying taxes. You’re likely to have experienced the tedious paperwork involved in filing taxes. It can also be difficult to give up your hard-earned cash.
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Without a living trust or will, your estate could pay more federal and state inheritance taxes. Proper estate planning can reduce the tax burden on your heirs.
Avoid probate court
Understanding the probate process will help you to understand the importance and value of estate planning. The court will administer probate to collect your assets, settle your debts and distribute your assets following your death.
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If there is no will or trust, your loved ones may have to go through lengthy probate before they can take possession of any assets you leave behind.