The Benefits of Hiring Estate Administration Services

Estate Administration Services

The belief that estate planning is only for wealthy people keeps people from enjoying its many benefits. Furthermore, they also think that having an estate plan is not necessary. But when “the time” comes, you will be glad that you hired the services of an estate administrator. Not too many people know that in the event of disability or incapacity, an estate plan that has been well drafted will allow a designated person to take over the affairs in line with specific instructions. Here are some of the reasons why it is important to have an estate plan.

1. Estate administration services protects the inherited assets from creditors, lawsuit, divorce and other claims.

2. Estate administration services prevents you from going through the long, complicated and expensive process of probate.

3. Estate plans include a “no contest” provision which prevents anyone from going against the wishes of the deceased.

4. In the event of remarriage, the inheritance of the deceased’s children as well as the husband/wife will be protected. A well drafted estate plan prevents the step-children and other individuals from filing a claim.

5. Unwise decisions can be made by an individual with limited financial knowledge when given an inheritance. An estate plan aims to guide the inexperienced beneficiary in handling his/her inheritance, such as buying a home, getting good education, purchasing a safe vehicle and making sound investments.

6. A beneficiary with special needs is protected in a good estate plan. They stand to receive their inheritance without having to worry about losing government assistance.

7. It can be designed to protect itself from being depleted.Such plans allow the stipulation of some parts of the inheritance given to beneficiaries who have made good decisions in their finances. Encouraging the heirs not to squander their funds increases the likelihood the estate will not run dry.

8. It also protects the assets or estate from excessive government taxes such as income tax, capital gains and other estate taxes.

9. Estate administration services give individuals peace of mind knowing various financial affairs are taken care of, loved ones protected and well-provided for. It also enables a person to create long term plans to preserve or distribute his wealth on the time specified.

Do not wait another minute to preserve your valuable assets and protect your love ones.

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