If you want to plan out the specifics of your future like how to provide for your loved ones when you pass away you need to estate plan. Estate planning can help avoid a number of complications and legal issues that can arise when a person dies without a will in place. Whether your estate is small or large there are benefits that you loved one gain from you planning your estate.
Probate can be time consuming and it can also be costly. Plus, there is no guarantee that your loved ones will be provided for or that they will get the assets and property that you want them to get if there is nothing stating your intentions and desires. Planning your estate helps your loved ones cut through the red tape, bypass probate and it allows them to get the assets and property they deserve in a timely fashion.
Decrease Estate Taxes
You can also reduce estate taxes significantly if you estate plan. Generally, people don’t want their families to have to pay heavy taxes on their estate. This makes it less for them to inherit. If you prepare a living trust you may be able to reduce the impact taxes have on your estate after you pass away.
Protect your Loved Ones
If you are married, have children, or you care for another person with special needs estate planning is a way in which you can protect your beneficiaries and make sure they are provided for in your absence. You can also establish guardianship through estate planning. This way you can establish who will care for your children and provide for their needs when you are gone.
Designate Power of Attorney
If you want to have a say in your health care decisions when you are incapacitated or unable to speak on your own behalf you need to draw up an Advanced Health Care Directive as part of your estate planning. An Advanced Health Care Directive helps alleviate the pain and struggle loved ones go through in an attempt to determine end of life care. It ensures your wishes will be carried out.
If you don’t have your wishes laid out it can cause a lot of discord within your family. Deciding who gets what before you pass away can reduce conflict and disagreements. It will also help them make medical decisions without being at odds.