Why Is Estate Planning Important?
If I was going to give you one reason, one word, to make an estate plan to protect you, your family, and your money, it would be “control.”
Estate planning is important because it lets you control what happens when something unexpected happens. Be ready to act instead of reacting. Especially since we never know when something unexpected will happen.
Estate planning is about taking control and ensuring that your wishes are carried out, no matter what life throws your way. You might think estate planning is only for the wealthy, but that’s not true.
Estate planning works for anyone who has a family, money, or property. It should be done no matter what your estate is worth because there are many benefits to having an estate plan in place.
Estate planning allows people to appoint someone they trust to make decisions for them in the event that they’re unable to do so. This is called a “power of attorney.”
Estate planning can help you protect your family and loved ones. If something happens to you, they will know what to do and how to handle things. Without an estate plan in place, this can lead to a lot of confusion and chaos.
Planning allows you to designate who will inherit your property and assets. You get to choose who gets what, instead of having it decided by the state or by a judge. This is especially important if you have children from different marriages or if you want someone other than your spouse to inherit everything upon your death.
Planning provides peace of mind knowing that you are protecting your estate, family, and loved ones. You can be certain that everything will go smoothly in the event of something unexpected happening to you because it’s all been planned out beforehand with an estate plan.
An estate plan lets you:
- Control who makes decisions for you when you can’t (Powers of Attorney)
- Financial, Personal, Legal with a Durable Power of Attorney
- Healthcare, with a Healthcare Power of Attorney
- Avoid Guardianship
- Control how your estate is distributed without Probate (Wills, Trusts, Beneficiaries)
- You Decide Who gets What, When, How, and How Much not the Government
- Protect your children from divorce, addictions, and more
- Protect your home from Medicaid recovery and long term care costs
- Control how much the Government gets to interfere in your life and decisions. Without a plan, the Government gets full control through Probate and Guardianship.
- Protect your assets and money during your lifetime
- Provides peace of mind by being certain of what will happen