Planning for the future is something that many people disregard, but it is essential for short and long-term peace of mind. Estate planning is a key part of planning for the future. Here are some ways it benefits your family in both the short and long run.
What Is Estate Planning?
Estate planning involves making decisions in advance pertaining to your financial and other assets, your health care and the well-being of your children and other loved ones. In an estate plan you specify who you want to care for your children and what you want to have happen with your money and belongings after you are deceased. You also specify your wishes pertaining to your health care, in the event that you become ill and possibly unable at that point to make your own decisions. An estate planning lawyer works with a client to develop an estate plan.
Benefits of Estate Planning
Estate planning benefits your family in many ways. It prevents your family from having to make very difficult decisions when under a state of duress and grieving. It also clearly spells out your wishes so your family and other loved ones do not have to guess as to what you would want pertaining to your assets, health and other matters. That can prevent conflict in the family and among heirs as to what to do and what decisions to make.
Estate planning formulated by working with an estate planning lawyer can benefit your family in that it prevents your assets from getting wrapped up in the court system. Your heirs receive more of the assets with less stress and hassle.
As far as minor children, an estate plan specifies who the guardian is and who will care for and provide for the child or children if you are deceased while they are still minors. Specifically naming a guardian and possibly an alternate guardian can prevent your children from ending up in the child protective services system and foster care.
One of the biggest benefits estate planning gives your family is peace of mind. Your family knows that a plan is in place that they can implement in an organized way.
An estate planning lawyer can help you and your family go through the steps of developing a solid estate plan that meets your needs.
Work with a qualified attorney to organize and enact your estate planning. The choice of a lawyer is an important decision and should not be based solely upon advertisement.