Many people often think of an estate plan as something that only ultra-wealthy people or people already in retirement need. The state planning offers the people who create them, or testators, more than just a way to pass on their estate to friends and family. Many people do not know the benefits of an estate plan, which may be why more than half of Americans do not have one.
What can estate planning offer you?
State planning is something that anyone of any age or income can benefit from in a number of ways. Common benefits of estate planning include:
- Creating a guardianship to ensure that someone you trust is looking after your young children or vulnerable adults. Without appointing a Guardian, your dependence may not fall under the care of someone you trust.
- Establishing health care directives to eliminate the guesswork of figuring out what major medical decisions you would make in serious situations. You can specify how long you want to stay on life support when you are willing to consent to amputations, and even if you’re going to be an organ donor.
- Create wills and trusts to ensure that your beneficiaries receive the assets you want them to receive in the specific manner you want them to do so. A trust can allow your beneficiaries to receive assets while you were still alive and help avoid inheritance taxes.
Through estate planning can keep your family members and friends from fighting about what you would have wanted after your passing and ensure that they uphold your last wishes.
When should I start planning?
If you do not have a will, now is the best possible time to create one period consult with an experienced estate planning attorney right away to create documents to protect your last wishes. Estate planning can make the difference between protecting your family, maintaining your health care wishes, and ensuring your loved ones receive exactly what you want them to have after your passing.