If the idea of estate planning brings up images of the Grim Reaper in your mind then you are not alone. Many people feel the same way and this is one of the major reasons why they may put off estate planning. However, if you have a family and assets that you want to leave to them should you pass away doing your estate planning will ensure that they are taken care of. Here is a look at the major benefits you will get from estate planning.
Take Care of Your Family
One of the best decisions you can make for your family is to do estate planning. When you don’t plan out your estate it will take longer for your family to get what you left and they will also get less. This is because your family will have to wait until the legalities of your estate are sorted out. When your estate is already planned with the help of an estate planning attorney, it will not take long for your family to get what they need to carry on with their lives.
Keep Your Kids Safe
If something were to happen to you would your children be taken care of? If you don’t have a plan in place your kids could end up in child protective services. All of this will happen while the court decides who will be their legal guardian. Planning your estate means that you can appoint a legal guardian yourself and your children will not be left at the mercy of a judge’s decision.
Let Your Family Keep Your Money
When you don’t have estate planning in place most of your money will go to attorney fees and legal costs trying to sort out who gets what. This process is called a probate and it can get expensive fast. This money could be used by your kids and family members to do other things.
Estate Planning for Incapacity
Did you know that estate planning can benefit you should you become incapacitated? You may be surprised to know that estate planning can be beneficial to you while you are alive. If you are involved in a sudden accident or are the victim of a stroke that renders you unable to take care of your personal affairs. Estate planning can put the power of attorney in place to deal with your finances and your health care.
Protect Your Loved Ones
Estate planning is the best way to protect your loved ones and to ensure that they get what you want them to have. Many times people believe that you have to be very rich to plan out your estate. This is not the case. You can plan out your estate as long as you have assets you want to be distributed after your death. Take the time to deal with this while you can so that your loved ones will not have to deal with the legal drama that is inevitable if you don’t.