Protecting the Future of Your Assets: The Importance of Estate Planning, Explained
When you think of estate planning, you probably envision sprawling estates filled with expensive cars and million-dollar antiques, but that’s not the case. An estate is everything you own at the point of your death or incapacitation and your wishes.
You might not think about the importance of estate planning, but if you die or become incapacitated, we can assure you, your children and other relatives will. Estate planning is a vital part of your end-of-life planning. There are many benefits of estate planning, so we’ll examine why you need it.
Don’t let your death become chaos among your relatives and instead make it easy for them by planning your estate.
What Is Estate Planning?
Estate planning entails everything dealing with your property and wishes when you die or if can’t make decisions for yourself. It includes the will that tells everyone what property they receive, who is the guardian of your children, and who is the executor.
You’ve probably seen movies where people attend the reading of the will. If you don’t have a will, then your property goes to the closest relative and the state determines the guardians of your children.
The last thing you want is for your family to fight over your property and other assets. A will provides explicit wishes about your assets.
Importance of Estate Planning
It’s not just at the time of your death that estate planning comes into play. It also happens if you become mentally or physically unable to make decisions for yourself. For example, if you’re in an accident or suffer a health issue that makes it difficult for you to make correct decisions for yourself.
You name the power of attorney who makes all the financial decisions for you until you can regain your faculties. They have the power to pay your bills, make investments, and other decisions regarding business and legal issues.
You must choose someone you trust as your power of attorney. Many people choose someone like a child or a business partner. You should ask this estate planning attorney the correct way to choose a power of attorney.
Chooses Who Makes Medical Decisions
When a loved one is sick and in the hospital, it’s easy for emotions to take sway over the wants of the patient. No one wants to let go of a loved one even if you know they don’t want to be resuscitated or to be on life support.
Part of estate planning is choosing someone to make sure your wishes are followed in case of these and other medical issues. It gives one person the authority to make these decisions. It not only makes sure your wishes are followed but also takes the heartache and responsibility away from other family members.
Start Planning Your Estate Today
No one knows when something horrible will happen. Many people are alive today and gone tomorrow. Understand the importance of estate planning and start now before it’s too late. It saves your loved one’s heartache and lets your wishes be known.
If you want to learn more information about estate planning, then please explore our site today