Estate planning can help ease the tension of dividing your assets among your loved ones. By having an estate plan, you will feel better knowing your family can avoid conflict over “who gets what”. Estate planning will set aside enough money for your beneficiaries and allows you to make sure your assets go where you want them to go. You can also set aside funds for a funeral, leaving your family with less to worry about in an already difficult time.
Having an estate plan gives you the chance to minimize the taxes that are placed on your estate. There are many ways to decrease the amount of estate taxes, working with a financial planner will help you choose the best methods for you. This allows you to save money, and in the long term, will benefit your beneficiaries by setting aside more money for them. Good estate planning will make sure that your family is provided for and will be left with financial support.
Becoming incapacitated, whether physically or mentally, is unpredictable and can happen to anyone. While this is scary and not something people want to consider, estate planning allows you to feel more at ease if this is to happen. An estate plan can plan for this by outlining your intentions in regards to your life, and can state who will be responsible for making your medical decisions.