12 Benefits of Estate Planning
1. What Happens When You Lose the Capacity to Make Decisions?
What happens when you become unable to manage your own affairs? If you don’t have the advantages of proper estate planning documents, the courts will pick somebody to manage your affairs. With a plan, you pick that person.
2. You Will Get a New Peace of Mind
You know that death will come to everybody. Death is certain yet it is uncertain. There are some people who worry that what will happen to their property. They think that will their loved ones will be able to inherit their property after their death. If estate planning is done beforehand then it gives a peace of mind. The person knows that her property will go to the designated people. The person can also specify in her will that how much each person will receive after her death and also decide how the people will receive the assets, whether through the last will and testament or a living trust.
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3. You can Provide for Loved Ones with Special Needs
Another great concern for a person is if they have a family member or relative is either mentally or physically challenged. If a will is in place, then one can be assured that the family member or the relative who needs special needs will be provided with such needs after his/her death. The estate law around these types of trusts is complex and specialized. You really need to engage estate lawyers and estate planners to help.
4. You can Help Your Heirs With Their Inheritance
You may have some heirs who are inexperienced when it comes to managing their inheritance. If such is the case then the inheritance may not be long-lasting and it might be spent on impractical things. By doing the planning beforehand, a person will be able to specify that what the inexperienced heirs should do with the assets which they have inherited to make sure that it is used for getting important things like good education, a nice house, making wise investments and others. Estate planners know how to implement estate law to protect them from themselves.
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5. Want to know the best part? Your Estate Plan Protects Your Children
Another great benefit of estate planning is that the person is able to protect the inheritance of his or her children in the event that his surviving spouse gets remarried after his death with someone who has children. If the will is planned carefully then the inheritance of the children is protected while the surviving spouse is still provided for. By doing this, the worry factor about the children or stepchildren from a later marriage claiming the part of the estate is been eliminated. An estate attorney knows how to make sure your belongings go to your children only.
6. Who Will Raise Your Children?
You can elect a guardian to raise your children instead of letting the courts decide without your input.
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7. Your Estate Will Be Distributed as You Desire
Without a will or trust, the courts will make the final decisions as to how to distribute your estate. With a plan, you decide. This is just one of the benefits of trusts in estate planning and the benefits of tax planning. Combined with the benefits of financial planning, and you have a great overall plan.
8. You can Protect Your Assets Against The Children of a Second Marriage
Without planning, your estate may be split among ALL of the children of both marriages, or may go to your second spouse and she can decide where it goes.
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9. Provide for Financial Security of Your Family
Financial Security: Will you family be able to make it? With a good plan in place, you can assure their continued standard of living.
10. Keep Your Family Out of Court
Without a plan your distribution will be made for you by the courts and may be delayed. With a plan in place you decide when, and to who, the distribution occurs.
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11. You can Pass on Your Family Values
Leave your legacy to charities of your choice, or you can record an audio or video message. Perhaps you want to include a family history as part of your legacy.
12. Less emotional and financial stress on your family
If you do not have a plan, then your family may have to resort to a judge to make healthcare and financial decisions on your behalf. With a plan, your family does not have to go through the emotional and financial drain of a court proceeding.
This article is summarized in part from http://www.elderlawanswers.com/10-reasons-to-create-an-estate-plan-now-1076