Being prepared for challenges in life is not always easy. End of life challenges are no different. However, estate planning can take away most of the uncertainty.
The unpredictability of life is what makes it beautiful. Because you can never tell what will happen next, you’ll never run out of reasons to look forward to tomorrow. But on the other hand, this unpredictability can become scary because you’ll never know when and how you’re going to die. If you want to be prepared when this time comes, prioritize estate planning.
Estate planning doesn’t only involve the rich and powerful; real estate planning can actually benefit everyone. This process allows you to manage and dispose of your estate while you’re still alive and after death while minimizing taxes. To paint a clearer picture of how important estate planning is, consider the following points:
1. With Estate Planning, You Can Choose Who Inherits Your Assets
Regardless of the estate you own right now, these surely required your time and money. You might have even taken out several loans just so you can afford buying all of these things. To ensure that all of your hard work will not go to waste, consider hiring a Scottsdale attorney who can assist you with estate planning. With their professional experience and knowledge, bequeathing all of your estate to your family members will become easier and stress-free.
Without estate planning, the court will have to decide who will get your assets. Aside from being time-consuming, this process can also be very costly, especially for your living family members.
2. You Can Protect Your Family, Especially the Young Children
Your family and children are the reason why you’re working day and night. As much as possible, you want to provide a better life and future for them. However, because nothing in this world is ever certain, you’ll never know when you can meet this responsibility. After your passing, do you know what will happen to your family and children? Do you think they can live comfortably without you?
Working with an estate planning attorney is a great way to protect your family, especially if you have children. Estate planning allows you to decide how your children will be taken care of, what estates will be bequeathed to them, and at what age.
3. You Can Protect Adult Beneficiaries, Too
Children are still innocent, but this doesn’t mean that your will only covers their welfare. More often than not, adult beneficiaries need to be protected, too. Adults can decide on their own, which makes them susceptible to making bad decisions concerning their inheritance. If you don’t want any of these to happen to your
loved ones, invest in estate planning. You can include clauses in your estate plan that can indicate how these beneficiaries will be protected from their own decisions or from people who want to take advantage of them.
4. You Can Appoint a Conservator
Your children can’t make any decisions on their own. They would usually need another adult to help and guide them. This is something that you can provide to your children through estate planning. Aside from assigning a guardian for your children after your passing, you can also name a conservator for them. A conservator will manage all of the assets designated to your children so they can make the most of it in the future.
Since you will detail how your estate will be distributed to your children, a conservator will make sure that these clauses are followed through.
5. You Can Avoid a Family Feud
It’s common to see families who fight with each other just so they can get their hands on a specific estate. In worse cases, these family members would even forget their relationship in order to own the estate left behind by a family member who passed away. Steer clear of this direction by making use of estate planning. Because everything in your estate is already planned and organized—from who will receive what estate—family turmoil will be lessened and avoided.
Aside from having someone who will take care of your estate after your passing, estate planning also allows you to appoint someone to decide for you the moment you become mentally incapacitated. Even with such a mental condition, you can still make the decision of who gets what and when they should get it.