Importance Of Estate Planning

Estate planning is something that all individuals should address. Unfortunately, many couples, including LGBT couples, do not realize the importance of estate planning and are generally unaware of what it might entail. Estate planning also goes by other terms like financial planning or retirement planning. These terms are interchangeable. If you have significant assets and property that you would like to manage properly, you should speak to an LGBT estate planning lawyer for guidance and counsel.

People generally believe that estate planning is only for rich people and middle-class families do not have to put too much time or effort into it. Some people get nervous when talking about estate planning and are hesitant in seeking advice from

If you fail to plan properly, it can add to unnecessary costs and hassles to the survivors and the estate. For example, if you have a bank account only in your name and in the event of your death, your partner or your family members cannot simply walk into a bank and claim the money. The bank has its own rules and will only allow access to the account to the rightful person as clearly specified by the account holder in their will. If there is no will, then the matter is sent to the bank lawyers and a probate is ordered. All this costs a lot of money and in the end, your survivor(s) may get some of the money but the costs of probate can be enormous. It is thus important to speak to an LGBT estate planning lawyer so that you can avoid such complications and hassles for your spouse and

Estate planning also helps with the legal dispersion of these assets. There numerous cases where families fight bitterly over property matters and financial assets after the death of a loved one mainly because there was no estate planning. In many cases, arguments and disagreements related to estate result in the severance of a friendship and create animosity, hatred, bitterness and in some cases destituteness. When you consult an LGBT estate planning lawyer and plan your estate and its division properly, you ensure a simple and organized transfer of your assets to your loved ones.

LGBT estate planning attorneys can help with estate planning by helping you do the following: 1. Divide all your property and assets the way you want them to be shared and dispersed. LGBT estate planning lawyers can prevent complications for your family in future.Without any type of estate planning, your local government will determine how your property and assets are shared or dispersed. In some cases, the assets may even go to a non-family member or to people who you don’t know or like. In such situations, there is always a risk that actual dependents of the deceased miss out on their