Many individuals do not grasp how important it is to have an estate plan in place. By taking the time and effort that is needed now to plan for your estate you inevitably save your family and friends a lot of trouble after you are gone. In reality, after your passing, the last thing that you want to do is to leave chaos for your family to deal with while they are busy grieving.
By working with an estate planning attorney you are able to do all of the following things to prepare your estate.
Immediately provide for your family: It is important for the remaining spouse to have money to survive when their loved one has passed. Many times couples that have children will plan for their estate to cover their future education while continuing to provide for their upbringing.
It is also important for parents to name guardians in their estate in the unlikely situation both parents were to die at the same time. Without this in place, the court will be in charge of determining where your kids will live and who will be allowed to make decisions on behalf of their money, education and way of life.
Distribute property quickly: When creating an estate plan with an attorney you will have options regarding any insurance payouts. With an estate plan the insurance can be paid directly to beneficiaries, joint tenancy and living trusts. An estate plan allows you to take advantage of laws that allow for partial payments to beneficiaries while the will is still in probate.
Create an incapacity plan: An estate planning attorney will assist you in creating a living will and durable health-care power of attorney. This allows for the individual to make decisions on your behalf if you should become mentally or physically unable to for yourself. This person will make decisions about life support as well as decisions regarding your medical treatment.
Lessen probate expenses: A solid estate plan can save your heirs a significant amount of money on court expenses. Getting all of your ducks in a row allows you to save on the cost of transferring property and allows more money to go to your beneficiaries.
Lessen the burden on your family: Your family will be grieving your loss while planning for your life’s celebration. The last thing that they need to have is stress regarding the transfer of your estate. By having an estate plan in place you are taking care of the details prior to your death. This allows them to be able to grieve and process your passing.
No one wants to plan for their passing; it is an uncomfortable reality to face in life. However, by having a plan in place you are basically showing your family just how much you cared. An estate plan lessens the burden of distributing your assets.