Many people do not consider estate planning either because they believe it is only for the wealthy, or because it is not something they want to consider. While it may not be fun to consider what will happen to your estate after you are gone, there are many reasons to consider estate planning, and many benefits that doing so can provide you with. By deciding now who will be in charge of your affairs, and where your money will go, when you are gone, you can save your loved ones a great deal of time and stress. Here are just a few of the reasons why you should consider estate planning.
Stay in Control of Your Finances After Your Death
No matter what your financial situation may be, many people want to stay in control of their money, and what happens to their estate, after they are gone. However, this is only possible with the proper estate planning. Without an estate plan, the courts will decide where your money goes, which could mean certain people inheriting your estate who you would rather not end up with your money. Additionally, the court process can take years, and get ugly, if people begin fighting over your estate. This is why it can be so important to have an estate plan. Not only will you be in control of where you assets go, but you will also be able to decide how much each person gets, and who inherits assets such as property. You can rest assured knowing that your money will go where you want, and that there will be no room for fighting over you estate once you have taken care of all the details.
Ensure the Future Success of Your Business
An estate plan can be particularly important for small business owners. When a small business owner dies, their business can be thrown into chaos without a designated leader/inheritor, which can quickly cause the business to close. However, a properly drafted estate plan can designate not only who will inherit your business, but who will be in charge, and how the transition of your business should be handled after your death, which can help to ensure its future prosperity.
Control Who Makes End-of-Life Decisions for You
While you never imagine becoming incapacitated or severely disabled, things can happen leaving you unable to make decisions regarding your health and finances. In this case, someone will likely be appointed as your guardian to make these decisions for you; usually your next-of-kin. However, this means someone you may not trust making your decisions for you. When making an estate plan, you can appoint someone you trust to handle your affairs, allowing you some control over what happens to you should you become incapacitated.
You Have Underage Children
It can also be beneficial to have an estate plan if you have underage children. Even if you are young, and you have a spouse who could likely care for your children after you are gone, an unexpected accident could cause your children to be without a guardian. With an estate plan, you can designate a guardian for your children that you trust so that you can make sure that they are taken care of after you are care. You can even appoint a trustee to oversee your children’s inheritance until they come of age. Taking these steps can make a big difference for your children should the worst happen.
As you can see, there are many reasons to consider estate planning. Taking the time to make an estate plan now will help to ensure that your affairs are taken care of after you pass. No matter your age or financial circumstances, it can be important to make decisions now regarding what will happen after you pass. Contact us to learn more about estate planning and why you should make an estate plan now.