Estate planning is not a fun thing to think about. People want to focus on what they are doing while they are alive, not after they pass. However, properly planning your estate is the best possible thing you can do for your loved ones. When an estate has not had any time or legal attention dedicated to it, things can get ugly when you pass. Estate planning does not need to be a long and challenging process. You need a professional that has seen all of the ins and outs and knows the vulnerabilities and gaps that every estate will have. Here are a few of the reasons that estate planning is so important.
Every grandmother has that list hidden in the kitchen drawer with the last of who takes the couch and who gets the china. Although this worked for many years, it is not a sound method to make sure that your estate is adequately divided when you pass. Estate planning allows you to make sure that you are dividing your estate exactly how you planned it to be done. There will be no way for outside parties to intervene and make any changes after the fact.
Every parent should have a plan in place. Once you have a child, it is your responsibility to make sure that they are cared for, should you be here or not be here to care for them. You do not want legal or custody battles after you pass. These will be heartbreaking and devastating for your children, who will already be dealing with the death of a parent. Think long and hard about who you would want your children to be left with and then contact us so we can put the paperwork in place to make sure this happens. As difficult as it is to think about, tomorrow is not a guarantee, and this should be something that is taken care of the day your children are born.
It is often said that weddings and funerals bring out the worst in people. This couldn’t be more true. An estate that is left unplanned and open for discussion will bring out some character traits that you have never seen in your family before. If you want your children, grandchildren, siblings, etc. to all be at peace with each other when you leave this earth, make sure that you have an estate plan in place. The fighting the turmoil and unrest are very upsetting for all involved. Save your family from this.
If your estate is done correctly, you could end up saving your family some money on taxes. Estates are handled a bit differently than money coming directly from your accounts and being put into the accounts of family members.
These are just a few of the reasons that you should be getting your affairs in order today. Once your estate is planned, the proper people are in place, and the documents are signed; it’s something that you will not have to think about.