Estate planning involves having to plan for what happens to your property in the event that you lose your life or your ability to make active decisions about your assets or your estate. It is something people like avoiding. However, the importance cannot be stressed enough. Here are some reasons why you cannot afford to avoid making such preparations
Helps You Eliminate Probates
In some situations, you may find that a probate can be very costly as far as time and finances are concerned. Without an estate plan, you may find that your family has to wait for a long time for them to be able to access these items. Such a delay can create a lot of hardship for your loved ones making it difficult for them to go on with their normal daily activities. An estate plan is meant to eliminate such problems especially during challenging times.
It allows you to choose the kind of medical care you want for yourself
Any individual can go through incapacitation at any given time. It may come as a result of an illness or an accident, which might put you in a tough position in terms of choosing the life sustaining care that you want. An estate plan allows you to specify the kind of treatment you want to receive in such a situation. This gives you an opportunity to save your family the trouble of having to save your family the trouble of having to make difficult decisions about your health that may go against your wishes. Check out this link for more info!
Allows you to decide how you want your property handled
When an individual dies without a trust, an estate plan or a will, their property ends up being passed along by their state’s property laws. The law gives your family members the first priority and in most cases, your close friends are never included in these laws. So, if you have some close friends that you would like to handle your property, then you must speak to an experienced lawyer at this website who can help you create a plan that honors your wishes.
You get to choose who takes care of your children
For those people with children, an estate plan is a must have. It allows you to make sure that your children are left in the best hands in case anything bad happens to both you and your spouse unexpectedly. You can also learn more on the benefits of estate planning by checking out the post at http://www.huffingtonpost.com/news/estate-planning/.