3 REASONS WHY ESTATE PLANNING IS QUINTESSENTIAL
People spendlots of precious time planning a family vacation, deciding which smartphone to buy next, which new car to buy, or even where to take their family or friends for dinner next. But they often put off thinking about their estate planning – deciding who will get all or majority of their assets after they are gone or who will take care of their affairs if they become incapacitated. Devising a well-structured plan for your estate may not be as enticing or thrilling as booking tickets for your next weekend getaway or checking out new and buzzing hotels, but it is indeed something that you should spend time on to protect yourself, your spouse, and your loved ones.
Estate planning isn’t reserved for only the rich and wealthy. Without a proper plan for your estate in place, settling your monetary, litigation and legal affairs after your departure or when you become incapacitated could have an emotionally draining, exhausting, costly and time-consuming impact on your near and dear ones. Estate planning is quintessential to secure your family’s financial future, which is much more than just drafting a will or leaving behind a trust fund.
While there are a plethora of reasons why people decide to visit an estate planning lawyer and create an estate plan, here we have listed together four reasons that are of utmost importance.
Estate Planning Designates your Assetsfor your Chosen Heirs
Estate planning allows people to choose who gets what after their demise. This is not only applicable to high net worth individuals.Today, all families should engage in estate planning to protect their loved ones when they die. No matter how much you are leaving behind, whether a small home, a property or a car, if you don’t decide in advance who will get what, you will have no control over what happens to your assets when you die.
Estate Planning Reduces Chances of Probate
Avoiding probate is an important reason why people seek the advice and consultation of an estate planning lawyer. Probate is a long-lasting, time-consuming and expensive process. Probate is also a public process that allows others to see what assets you owned, and who will receive them after your death. Your family does not have control over the probate process – the courts do.
Estate Planning Can Help Protect You in the Event of Incapacity
What do you have in place if something occurs that prevents you from conducting business or managing your own affairs due some form of mental or physical incapacity – for example, a stroke, a heart attack, or injuries from a car accident? Having a proper plan in place can ensure that you have someone to manage your affairs or make decisions for you if you become unable to do so on your own.
The chances are fair that a person does not want to leave their assets to their children due to some personal reasons, or they do not have any heirs or relatives. That person may wish to give all their assets to charity. These philanthropic goals must be inked into an estate plan, wherein you could name the charity of your choice or a trust as a primary or a contingent beneficiary.
Estate Planning is vital for the future of your family in which Anne Hydorn– best and reputed elder law and estate planning lawyer in Brentwood can help you with all the intricacies. She focuses on your concerns, wishes, priorities, and future goals for yourself and your family.