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Avoid anxiety about the future by planning personal estates

Residents of Camden may wonder if estate plans are necessary for them. To be blunt, everyone must eventually pass away, and every person should have some sort of plan for what they would like to have happen with their assets. Whether the assets are massive or modest, an estate plan can help effectuate the planner's desires for the future.

While planning one's estate should take that person's anxiety about the future away, for some people making a plan creates many fears. Those people fear that taxes and other government regulations will reduce their estates to nothing and leave their heirs with no inheritance. Planners also fear that their heirs will make bad choices about what to do with the money they receive or that the planners could make better choices about where to pass on their wealth.

While little about the future is certain, a person's ability to change his estate plan is always possible. Tax rates may be modified and heirs may suffer setbacks that make their lifestyle choices questionable. Charitable organizations that a planner wishes to patronize may dry up and leave the planner with no idea of where to pass one their money. What makes working around these problems more palatable is having an estate plan in the first place.

An estate plan gives a person a place to start. If a person does not have an estate plan, their wealth will be heavily impacted by the taxing and regulatory bodies that administer state and federal laws on estates. A well thought out plan, even if it does not satisfy all of a planner's fears, can still provide a better outline of the planner's desires than leaving the administration of an estate up to the government.

Any person can benefit from having an estate plan, regardless of the amount of their personal wealth. Even though dealing with estates can be stressful, the benefits of having a plan far outweigh the challenges. Individuals who wish to learn more about estates can work with estate planning attorneys in the legal field.

Source:, "Estate Planning Fears That Keep Us Up At Night," John E. Girouard, Oct. 29, 2014

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