An estate plan ensures that you know exactly where your assets and money is distributed and everything is done within legal documents so that when the time comes, your loved ones have an easier time of handling your affairs during their time of grief. However, there is more to an estate plan than just that. In fact, there are quite a few reasons why everyone needs a plan for their future.
You may be wondering what an estate plan can do for you and if you need it so here are a few things to take into consideration.
More Than Just Assets
An estate plan helps you plan for more than simply your assets and money. It also ensures that if for some reason you cannot take care of yourself or become incapacitated, you are able to choose who you want to make the decisions for you.
The same applies if you have children who are minors and become unable to care for them – the person you designate will be the only person in charge of their care. Without having a will that chooses a guardian, your children under the age of 18 may have to live where a court decides so that is why it is integral to have an estate plan.
And if you have someone who you take care of that needs help such as a parent or child with special needs, you can set up a trust to provide them the care that you can not provide in person.
An estate plan also makes sure that your beneficiaries get the most money possible instead of more of it going towards taxes. With the right estate plan you can help make sure that the minimum amount goes to the government and your beneficiaries get the maximum.
Expedited Property to Beneficiaries
There are a few options that help your beneficiaries get property faster and this includes living trusts, joint tenancy, and insurance that is paid directly to them. You are also able to ensure that your beneficiaries get partial payments during probate and take advantage of either an expedited probate or a simplified one.
Make Things Easier on Your Loved Ones
One of the things that makes it harder on loved ones is if you do not have funeral arrangements in place. An estate plan allows you to set up your funeral as well as have the option to set a limit on how much is spent or choose where you want the arrangements to take place.
Keep Your Business Intact
If you run a small business, with an estate plan you can set up things so that it remains intact and runs smoothly in your absence.
Pick a Trustee or Executor
It is important for you to be able to pick who you want as the executor or trustee of your estate and take some of the burden off of your loved ones.
Choose a Cause You Support
Some people want some or even all of their money to go to a charity, religious cause, or educational cause and by having an estate plan, you know that your wishes are taken care of and the money or assets go exactly where you wish them to.
Everyone needs an estate plan – from those who are younger and unmarried who may need simple items, those who have children, and those who are wealthy and need more help – the bottom line is that you need some kind of planning. If you would like to learn more about how we can help you plan for the future or if you have any questions, simply contact us and we’ll be more than happy to help.