The Assets of Estate Planning - Why Having an Estate Plan Helps
One of the key reasons why people tend to shy away from making an estate plan is because they have this misconception that “estate planning is something that only wealthy families need to worry about” or “it’s just as easy to do it myself when the time comes” however both of these are ultimately far from the truth.
An Estate Plan helps provide for your family regardless of your financial standing. Additionally, with the hassles of probate court being unfamiliar to most, learning the ins & outs of it while dealing with the emotional struggles that come with losing a loved one isn’t something that leads to a successful gaining of your assets. If you are wondering what other benefits come with having an estate plan, here are 4 reasons why having an estate plan helps you & your loved ones in the long run:
Ease any burdens Your Family Faces & Provide For Them Even After Your Passing
The estate plan will provide enough money for your surviving spouse to continue to care for the family. If both you and your spouse pass, an estate plan will name appointed guardians to care for your children. It can be difficult to plan the funeral of a loved one when grieving. When working on your estate plan, you can outline your wishes for funeral arrangements and even set aside funds for them. This takes some of the burdens off your family during this difficult time.
When you take care to create an estate plan, you should be able to keep the cost of transferring any property to your named beneficiaries. By crafting an estate plan, you should be able to minimize the amount of taxes collected on your estate, which results in your beneficiaries keeping more of the money you set aside for them.
If you want to know more on how estate planning helps you financially & the additional tools and instruments you can add to your estate plan, take a look at our following article: Estate Planning & Your Financial Future - How Estate Planning Can Help You Budget & Build Generational Wealth
Provide to Those Who Need Help, Both In & Out of Your Immediate Family
Do you have a child who has a disability? Or perhaps you have grandchildren who will be attending college in the future. Through your estate plan, you can set up a special trust to provide funds to support them.
Also, if you are passionate about a local cause or charitable organization, an estate plan can allow you to support them after your passing.
Protect Any Business Assets
If you own your own business, you’ll want to establish some kind of plan to keep it going after you pass. An estate plan will name your successor and outline what happens to your interest in the business. Business estate planning helps ensure that your business matters are handled according to your wishes when you die or if you become disabled. This is not a subject most people want to think about, but good planning will protect the business that you’ve worked so hard on and poured so many resources into.
Be Ready for Any Kind of Incapacity & Have Ease of Mind
Last but certainly not least, an estate plan helps you protect your greatest asset of all - your peace. Life is unpredictable. If you should ever become mentally or physically incapacitated, an estate plan will outline your wishes regarding life and who will make medical decisions on your behalf. By knowing that your best interests will be taken care of & that you have a plan in case of any unforeseen circumstances, you can rest easy & spend more time mindfully with your loved ones at the moment.
Unsure where to start? Book a free introductory meeting with us today & learn about the various elements of an estate plan that may be appropriate for you & can help you and your loved ones live a more fulfilled, carefree life!