While estate planning might seem like something you only indulge when you get old or ill, it is definitely not limited to these situations. Keeping in mind that accidents can happen in a manner of seconds, and nobody can predict the future, it is always recommended to have a proper estate plan in place. But what are the benefits of estate planning? And why should you consider getting it in place as soon as possible?
In Case Of An Accident
With estate planning, you choose someone you trust to handle your affairs in case something happens to you. For example, if you are involved in an accident that leaves you disabled or incapacitated, the individual you assigned can rightfully take over your affairs on your behalf.
In Case Of Death
If you invest some time in a comprehensive estate plan, you will be protecting your assets and property if you should pass away. For example, a court or creditor won’t be able to just seize your property or assets.
Protection For Those You Leave Behind
When you pass away, and you took the necessary steps with your estate planning attorney, those you leave behind won’t have to worry about paying income tax, capital gain taxes, as well as estate taxes.
Protecting Your Last Wishes
Thanks to the “no-contest” provision you are at liberty of implementing, you can prevent your estate from being challenged in court. This will also help to guarantee your last wishes are carried out the way you want.
Protecting Your Children’s Inheritance
If it happens that you leave a spouse and children behind, and your spouse gets married again to someone who also has children, an estate plan will ensure your children will receive the inheritance you left them.
The thought of leaving a large sum of money to a young beneficiary can be stressful. However, with proper estate planning, you can place restraints on the money, meaning the beneficiary has to adhere to certain rules and decisions before receiving the inheritance. So, if you feel the young beneficiary won’t make wise decisions, you can help them in this regard.
Just like you can protect a young beneficiary from wasting the money, you can give them an inheritance incentive if they make good decisions in life. At the same time, you can penalize a beneficiary who doesn’t.
Special Needs Beneficiaries
If you have a beneficiary who requires special attention, you can customize your estate to take care of them when you are not around anymore. Plus, the estate can be linked with government assistance as well, thus, giving them support from two different sources.
Peace Of Mind
Finally, with solid estate planning, you are taking care of your family. Even though it can never replace you, it will help them to carry on without having to worry about financial strains. In other words, it will give your family the peace of mind they deserve during a very tough time.
Don’t wait until you are old or ill to make arrangements for your estate. You never know what is going to happen in the next five minutes, and do you really want to leave your affairs in disarray if something were to happen?
Here is a video that goes more in depth on this subject: