Benefits of Estate Planning
There are numerous benefits to working with an attorney to draft an estate plan.
An estate plan enables you plan and make decisions to:
Provide for your family: Through the estate planning process, you can ensure that your family will be taken care of after you are gone. In addition to leaving assets to your loved ones, an estate plan allows you to do things like care for a family member who has a disability and establish a college fund for someone you love.
Care for your children: In addition to leaving assets to your children, you can name a guardian in your estate plan to care for your children should you ever become unable to do so yourself.
Ensure your property goes to the right people: With an estate plan, you can determine exactly where your assets will go after you pass away. If you fail to do this, however, the state will make this decision for you—this rarely has a good outcome.
Minimize expenses: Probate is expensive and time-consuming. With an estate plan in place, however, you can avoid many of the expenses associated with the probate process.
Make things easy on your family: One of the primary benefits of the estate planning process is that it makes things easier on your family. If you pass away or become incapacitated, you don’t want to leave your family struggling. By outlining your wishes regarding important issues ahead of time, you save your family the heartache of having to figure things out for themselves.
Donate to a cause: If you are passionate about a specific cause, an estate plan allows you to contribute to one or more charitable organizations after your passing.
Plan for incapacity: If you should ever become physically or mentally incapacitated, the last thing you want is your family to be left without a plan. With an estate plan, you can specify your wishes regarding who will make important medical and financial decisions on your behalf should you ever become unable to do so yourself.
Reduce taxes: With an estate plan, you can minimize the taxes collected on your estate. This will benefit your beneficiaries by allowing them to keep more of the money you leave them.
Choose an executor: Someone will need to ensure that the administration of your estate is handled properly. When you work with an attorney to draft an estate plan, you can name a person you trust to act as the executor of your estate.