Estate planning is important, but three key east planning benefits often go overlooked. An estate plan is necessary for everyone. Without a legally enforceable estate plan, a court may apply state laws and decide how your assets will be distributed and who will raise your minor children. In addition to allowing you to direct the wrap-up of your affairs after you are gone, an estate plan can also help you reduce taxes, expedite settling your estate and reduce conflict in your family.
Yahoo Finance’s recent article, “3 Overlooked Benefits of Estate Planning,” explains that planning your estate entails making arrangements to ensure that your wishes are carried out after your death. While some think estate planning is only for those with mansions and millions in the bank, this isn’t true. Instead, even those with modest assets can benefit from having a defined estate plan.
Remember that the estate planning process isn’t about how much you have—it’s about making sure what you do have ends up where you want it.
The documents in estate plans include a last will and testament, a living will, financial and medical powers of attorney and documents establishing various trusts. Start your estate plan today with the help of an experienced estate planning attorney and review it periodically to accommodate marriages, divorces and births. The process often includes reviewing your property and wishes, drafting a will, naming an executor, assigning healthcare and financial proxies and settling other matters, like funeral arrangements.
In the Greenwood or Indianapolis area? Book a call with Vick Law, P.C. today to update or create your estate plan to best suit your needs.
Reference: Yahoo Finance (April 24, 2023) “3 Overlooked Benefits of Estate Planning”