It’s a common misconception that an estate plan should be reserved only for the well off. In fact, there are a number of reasons to develop an estate plan with an estate planning attorney. When someone passes away, it can be an incredibly emotional process for people. When coupled with the stressors of deciphering your final wishes, it can be even more difficult to manage. An estate plan can eliminate the unknown and allow for families to carry out the division of an estate with a clear outline of your final wishes. Although they can be daunting, creating an estate plan has a number of benefits. An estate-planning attorney can help you gather the necessary paperwork, discuss with you your final wishes and draw up the proper documentation for your estate plan.
The Importance of an Estate Plan
Completing an estate plan not only gives you a sense of pride upon completion, it can also give you peace of mind. You can rest easy by knowing that your family will have a clear idea of your final wishes and how you would like them carried out upon your passing. What many do not realize is that an estate plan can be utilized while they are still living. An estate plan can help minimize the tax costs for heirs when assets are transferred into a trust. You can also incorporate your wishes in the event that you become incapacitated or have significant medical needs and are unable to make decisions on your own. Estate plans are hugely beneficial documents for families, especially when it comes to eliminating conflict over your assets:
- An estate plan allows for you to have a clear plan over assets and how they will be divided.
- By having an estate plan, you prevent the state from making decisions over how your assets should be divided.
- In situations where there is a piece of property to be divided amongst children, you can include stipulations surrounding the property. This can be helpful in avoiding squabbling amongst children over what to do with the property.
- You may be able to avoid putting a number of assets through probate, which can help mitigate time and expenses.
- If you have minor children, an estate plan allows you to outline a plan of care for them.
- You can identify an executor to ensure that beneficiaries are in compliance with the estate plan.
- Provide a roadmap for medical and health care decisions in the event that you are still living and unable to make decisions for yourself.
- Protect the inheritances of your family.
The grieving process can be emotionally taxing, when coupled with the stressors of closing your estate it can bring up even more complicating feelings for people. An estate planning attorney can help you make sure that your estate plan covers all aspects and is a clearly defined roadmap for family to refer to.
You and your loved ones stand to benefit from your estate plan. An estate plan can allow for you to feel at peace in knowing that your loved ones have something that they can refer to. For more information, contact an estate planning attorney.