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home › Life Events & Financial Decisions › Health and Family Support › Wills and Estates  › Importance of Estate Planning

Importance of Estate Planning

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Everyone who owns anything has an estate. This includes a home, cars, bank accounts, stocks, bonds, mutual funds, life insurance policies, retirement plans, business interests, furniture, and collections. A will and other estate plans can include provisions to minimize the expenses of settling an estate and perhaps save on taxes. As a result, more property goes to those who the owner wishes to receive it. For example, unless stated in a will or other legal document, a person would be unable to leave a gift to a charitable organization because state laws only distribute estates to next of kin.

Legal experts advise reviewing, when changes in relationships or economic circumstances occur, estate planning documents regularly. They may need to be changed when tax laws change. Beneficiary designations on retirement savings plans and life insurance policies also need to be reviewed periodically to make sure they are current and not in conflict with provisions in a will or other legal document. Errors in beneficiary designations can lead to the disinheritance of heirs, delays in providing for the financial needs of loved ones, and unnecessary expenses and tax payments.

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