Why Have An Estate Plan? Read On And Find Out

Law Blog

You may have heard that you need an estate plan, but you might not realize why that is so. Read below and learn more about what an estate plan can do for you.

• Estate planning saves your beneficiaries time and money. Using careful planning, it's possible to provide your beneficiaries with their inheritance sooner. That happens in several ways. One such method involves keeping as much of your estate as possible out of probate court. Using trusts rather than a will can provide a clearer picture of your wishes, for instance. Rather than allow valuable assets to be frozen, it moves your estate quickly into the hands of your beneficiaries to take advantage of investment opportunities. 
• Estate planning allows you to provide more precise and detailed instructions for your beneficiaries. Many people use a will to equally divide estate assets between certain beneficiaries. However, this method can leave out minors. A trust, on the other hand, can hold assets while they grow interest which can then be distributed as a minor comes of age. You can also use a trust to place conditions on inheritances such as graduating from college or getting married. 
• Estate planning allows you to leave a legacy behind. Consider worthy causes as you make your estate plans and speak to an estate lawyer about leaving something to a favorite charity, educational institution, religious entity, and more. 
• Estate planning shows you care. Planning is caring when it comes to estate planning. The more you can make things easier for your loved ones the better their memory of you will be. Establishing a complete estate plan shows the ones you leave behind that you felt strongly about shifting the burden of your financial affairs from them. 
• Estate planning allows you to remove some of the stress of needing more care. Many people are unaware of how estate planning can also cover phases of life prior to death. Every good estate plan should include provisions dealing with health issues, long-term care options, and powers of attorney. When you are unable to make important health and financial decisions, your estate plan has that covered. Talk to an estate lawyer about guardianships as well. You can choose now who will be in charge when you can no longer make decisions. The alternative is confusion, stress, and financial problems for your loved ones. 

Take care of things now so that your legacy is one of care and preparation. Speak to an estate planning lawyer to find out more.    

Share

10 March 2023