Whether you’re enjoying your golden years or you’re still in your prime, the future is approaching rapidly. Estate planning is the key you need to secure a peaceful future where you know that everything is in order and that your legacy is secure. Here are three reasons why you should invest in estate planning, if you haven’t done so already.
What is Estate Planning?
Before we can go into why you should invest in an estate plan, let’s define it a little more clearly. Estate planning means planning, in advance, what will happen to your property in the event that you cannot control, or legally delegate control of, your assets. While this often means after your death, a proper estate plan also provides for people who become incapacitated or disabled in some way. When you create a plan, the people you trust can step in to help you when you are no longer able to manage your own affairs. It’s far better to make those decisions yourself rather than leaving them up to the state or the courts.
1. Maintain Control Over Your Finances
When you sign a will, you delegate where your assets are going upon your death, which can make things much easier for everyone involved. Funerals can be tense, emotionally charged environments, especially when challenging family dynamics come into play. By dictating in advance exactly where your assets will go, and who will be in charge, you can help your loved one avoid at least some family drama and conflict.
2. Protect Young Children, If You Have Them
Though many people think of estate planning something you do when you are older, it’s never too early to make a plan. If you have young children in your family, your plan will appoint guardians for your children in the event of your death, and will assure that someone you trust will be handling their inheritance for them until they come of age. This step will ensure that your children are cared for by people that they are familiar and comfortable with in the event that you can’t be there for them—you get to make the decision and not the courts.
3. Avoid Probate Court
After someone dies, their estate usually must be probated before it can be given to beneficiaries. When you work with an experienced estate planner, you can discuss your specific circumstances with a lawyer who knows the ins and outs of the process and can advise you on the best option for you to avoid probate, taxes, and other costs.
Ready to Get Started with Estate Planning?
You can give yourself and your family peace of mind by working with Kathleen Rus on your estate plan, will or trust. She has worked with many hundred of clients and all types of situations and can provide you with the legal advice to give you the confidence you need to move forward. Contact DK Rus Law today to learn more.