We often assume that estate planning is something meant for millionaires. Sadly, that is not true. Life is unpredictable, and there are things beyond your control. No matter how much you own, you need to ensure that your assets and properties end up in the right hands. Also, estate planning is more than just about deciding who gets what. It is more like planning for the future and all foreseeable contingencies. There are legal options to manage most of your concerns. In this post, we are sharing the top benefits of estate planning at a glance.
- You can provide for your family. If something happens and you are unable to provide for your family, an estate plan will ensure that they are provided for. You can have a will that allows you to decide about your assets after your death, or you can even create a trust to bypass the entire probate process.
- You can make provisions for your kids. From leaving behind your assets to deciding on guardians for your minor kids, you can make all decisions through estate planning documents. In the absence of a will or other documents, the state and federal laws will decide about your estate, which may not be ideal for your kids.
- You can save money. Wills have to go through the probate process, which is very expensive. If you plan rightly, you can save on that and other estate taxes. There are estate planning lawyers who can guide you on the process and help protect what you own. Yes, there is a cost of hiring a lawyer, but there’s also no denying you will save in the long run.
- You can plan for contingencies. What if you become incapacitated and cannot make financial decisions? You can create a durable financial power of attorney for that. You can also have a living will and create a power of attorney for medical purposes, which will allow someone to make those decisions for you. Your estate plan can make room for contingencies.
- You can donate to charity. If you die and don’t have a will or other estate planning documents, your estate will go to the people related to you as per laws. However, if you take charge, you can decide to donate to a charity, make room for people who are not directly related to you but matter in your life.
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