Many people choose to put off estate planning because they feel it is not a necessity until a later time in life. The truth is, everyone needs to have an estate plan in place. This will help to prepare for the unexpected. Below are five key of the benefits of having an estate plan. To commence your planning, schedule a meeting with an experienced and qualified estate planning attorney today.
- Give you and your family peace of mind. With a plan in place, you and your family members will be able to focus on life rather than worrying about the future. It is best to start your estate planning sooner rather than later.
- Provide for your family members after you die. If you are financially responsible for your family and die unexpectedly, your family will have to find a way to survive. With an estate plan in place, you can make sure that you provide financial support to your loved ones in their time of need.
- Choose who will be given your assets after you die. If you die without an estate plan in place, your assets may not be distributed based on your wishes. With planning, you are able to choose who will receive your assets.
- Make important medical (and financial) decisions. If you were to become seriously disabled or ill, your will benefit greatly by having a plan in place. This will allow you to outline your medical wishes as well as appoint someone who will help to make important financial and medical decisions if you are ever unable to.
- Allow your family members to grieve. By incorporating funeral arrangements into your estate plan, your family will not have to make overwhelming decisions after your death. This will also help to minimize family disagreements about your funeral and service wishes. Instead, your family will be able to celebrate your life and provide love and care to each other during their time of loss.
These are just a few of the many benefits of estate planning. Take the time to meet with an experienced and qualified estate planning attorney to assess your personal situation.
Timothy P. Murphy is an estate planning and elder law attorney whose practice emphasizes helping people to build, preserve and pass on their wealth. He works with his clients to accomplish their goals while avoiding unnecessary court proceedings and minimizing or eliminating exposure to death taxes.
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