Why Should I Consider Planning My Estate?
Estate planning isn’t just for the rich and famous. It is a really useful tool that most people can use to ensure that when they eventually pass away, their wishes are fulfilled and their family members are taken care of. All too often, when someone passes away, their loved ones are left trying to sort out how to divide up the assets and property left behind. This can lead to family tension, and arguments and even divide families into different camps. By planning ahead and writing how you want your assets divided in a legally binding document, you can avoid unintentionally creating a family feud. Perhaps even more importantly, you can identify who will handle your affairs should you become incapacitated and instruct your loved ones on what you would like the funeral arrangements to be.
What Are The Benefits of Estate Planning?
Estate planning can help you in a number of ways regardless of how much money you have. First and foremost, it will tell your loved ones what to do in the event that you become indisposed and can no longer make decisions on your own behalf. Predetermining whether you want to be on life support and what kind of care you would like to receive can take pressure off family, who might otherwise have to guess what you would want. You can also identify who among your family or friends you want to make decisions on your behalf. Furthermore, if you have dependents such as children or a disabled family member that is in your car, your estate plan can direct who will be legally responsible if/when you pass away.
Regardless of how much money you have, your personal assets will need to go somewhere following your death. If you own anything of value, estate planning can help you pre-determine how to divide your valuables among loved ones. Finally, estate planning can also help you plan for the funeral costs and allow you to dictate how you would like your body to be cared for following your death. You can direct where the funds will come from and how they should be spent. Funerals can be very expensive and having these details figured out beforehand can save a lot of time and stress for your loved ones.
How Do I Get Started?
The best way to begin is by speaking with an estate lawyer residents trust like W.B. Moore Law. A lawyer can help answer your questions and guide you through how best to settle your affairs so your family doesn’t have to later.