As the pandemic swept through populations around the world, millions found themselves incapacitated or on the verge of death.
The situation uncovered something that could impact you and your family. About 68% of Americans don’t have a will.
Many don’t think they have something to leave behind or they don’t want to think about dying. Whether you’re young with children or enjoying retirement, you should consider the benefits of planning your estate.
It doesn’t matter how big or small it is you’ll want to keep reading. Discover why estate planning needs to be part of your personal finances.
1. Peace of Mind for Your Family
Your family will have a lot to deal with in the event of your death. They’ll grieve and go through a wide range of emotions.
Not knowing anything about your estate and estate plan adds to their stress. Give your family the peace of mind they need by estate planning now.
2. You Control What Happens to Your Estate
How would you feel if the government decided what to do with your estate, instead of your family? Probably pretty angry or disappointed.
That’s exactly what happens to estates that don’t have a will or estate plan.
They enter probate where a probate judge decides how to distribute your assets. They’ll assign an executor, but they sign off on the process.
Planning your estate now gives you total control over what happens with your estate and assets.
3. Prepare for Taxes
If you don’t have a plan for your estate, not only does the government take over the distribution of your assets, but you’ll also end up paying more in taxes.
Working with the best estate planner means you can save on taxes now and when your assets get distributed.
4. Maintain Your Privacy
Your death will be made public through newspaper obituaries. What you owned at the time of your death could be made public without an estate plan.
Since probate happens in public courts, all documents are a matter of public record. That includes the estate inventory.
This is where scammers go to find opportunities. They’ll come out of the woodwork with fraudulent inheritance claims and other scams.
5. Protect Yourself if Incapacitated
There may come a time when you’re incapacitated. This is one of the essential components of estate planning.
If you’re incapacitated, you can’t make medical or other decisions for yourself. Should you become incapacitated without an estate plan, the doctor, guardian appointed by the court, or social worker handing your case is in charge.
Take back control with an estate plan. You’ll get the care in your best interest.
Start Planning Your Estate Now
Do you see why planning your estate is so important? Without proper estate planning, you’re leaving your belongings to chance.
The decisions are made by courts and court-appointed representatives. You’re also leaving you and your family exposed to public scrutiny.
Make estate planning part of your personal finances plan. You and your family will have peace of mind.
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