Why is estate planning important?
A carefully considered and well executed plan for how an individual’s estate should be administered following their death or incapacitation is important for a variety of reasons. For one, it can help to provide a considerable degree of financial security for the individual’s family and loved ones. Additionally, estate planning can help to avoid exposing an individual’s estate to unnecessarily high levels of taxation, further increasing the amount of support that the testator’s loved ones will enjoy. Effective estate planning can also help to reduce confusion and potential disputes during the probate process, reducing the likelihood of probate or estate litigation.