Everyone needs an estate plan, regardless of the value of your assets or how much you have in your bank account. If you fail to plan your estate, you would be jeopardizing the future of those you care about. One of the main purposes of an estate plan is to ensure that your loved ones are well catered to after your death. Thus, if you fail to make this plan, thing may get difficult for your loved ones when you finally depart this world.
There are a lot of benefits that comes with planning your estate. On the other hand, there are a lot of disadvantages of failing to plan your estate. Below are some of the benefits of estate planning.
- Helps prevent family dispute
Without a will, family disputes are bound to arise. When there is no will, things become disorganized. Family members take each other to court to claim a certain asset of the deceased. Things could get messy when there is no will as everyone keeps on assuming and claiming to be the rightful beneficiary of the deceased estate. And when the court steps in to distribute assets based on the intestate law, individuals who are privilege to receive a portion of the deceased’s assets may end up being hated by those who missed out.
However, with a will, the possibility of a dispute arising is low as the wishes of the estate owner would be clear. So, if you want to prevent an uprising in your family after your death, ensure you make effort to plan your estate.
- Protects your property
Estate planning is not only designed to secure your wealth for your heirs. It can also help secure your current assets from outsiders and creditors. To create an estate plan, it is important that you contact an experienced estate planning lawyer. You and this professional then have to scrutinize every document of your wealth.
By so doing, you will be aware of any legal dispute or lawsuit that could arise after your death. You can tackle the issue instantly or prepare to handle it properly. In a nutshell, estate planning will give you a head start to handle this type of issue.
- Limits children’s access to assets
Taking charge of a significant amount of wealth all of a sudden may overwhelm your children and result in them lavishing the wealth you worked so hard for. You want your children to inherit your assets. However, you don’t want your children to destroy all that you have worked for or get destroyed by your wealth.
A well laid-out estate plan can save your wealth from getting lavished. Your wealth means nothing if your children cannot enjoy it appropriately.
- Give to Charity
If you are one with a large heart, and would like to give a portion of your wealth to charity after your death, estate planning is the best way to go about it. However, you will need the expertise of an estate planning attorney as matters like this can be quite complicated.
- You need it
Contrary to what some people estate, an estate plan is not only beneficial to your loved ones, it is also beneficial to you. When you get incapacitated, who will make those financial, healthcare or legal decisions for you? You will surely want the individual to be someone you can trust; someone who has your interest at heart. A power of attorney, and healthcare power of attorney, two significant estate planning documents, can allow you to designate individuals who will make crucial medical, financial, and legal decisions on your behalf when you become incapacitated.
- Better for mental peace
Of course, being wealthy is everyone’s dream. However, when you get the wealth one of your major worries would be the outcome of your wealth after your death. Estate planning can help put such worries to rest. With an estate plan, you can dictate how you want your assets to be shared and managed after your death.
Need help with your estate plan? Do you want a professional advice regarding your estate? Contact an estate planning attorney, Brooklyn for help and advice.