Why Is Estate Planning Necessary?
Provide for your family:
With a proper estate plan, you can ensure that the property and assets you have worked your entire life to accumulate are distributed to your family in the way you choose. You will also feel good knowing that you have a plan in place for your family when you can no longer care for them.
Plan for Incapacity:
Individuals also need to plan for the possibility of mental or physical incapacity. Different estate planning documents can help you prepare for this event. Do you have someone in place to take care of financial matters for you? Do you have someone named to assist you with medical decisions? A good estate plan can address these needs.
Reduce Stress of Loved Ones:
The death of a family member can often create unwanted stress, beyond that of grieving for the one they have lost. An estate plan can give instructions as to the disposition of your final remains, distribution of sentimental personal items, and provide other instructions for this difficult time.
Appoint Important People:
In your estate plan, you can ensure that you have control over who will make financial and medical decisions for you, if you are incapacitated. You can appoint who will be the person to distribute your estate and ensure that wishes are carried out upon your passing. Finally, you can also name the person you wish to be guardian of your children if something were to happen to you before your children become adults.
Plan for Special Circumstances:
Do you have a beneficiary that has special needs? Do you want your family to have the ability to avoid probate? Is your estate sizable? If you can answer yes to any of these questions, you may want to consult with an attorney to ensure that you are properly planning for the future of your family.