While one might not want to think about the inevitable, it’s eventually going to happen. The following top 5 reasons you need to do estate planning prove that no matter how old you are or how much money you have, there’s no such thing as being too prepared.
1 – Ease the Family Burden
Estate planning specifies the individual(s) who will inherit your property and all of your assets once you’re gone. If you have minor children, estate planning will name a guardian in the unfortunate event of your passing. Proper plans simplify all of these legal processes and decisions.
2 – Handle Financial Documents
Number two of the top 5 reasons you need to do estate planning is to ensure your finances are in order. Should you become unable to make financial decisions or sign important documents, specify who can act on your behalf and handle all of your financial matters.
3 – Choose Your Healthcare
Should it be necessary, naming someone who will act as your healthcare advocate is yet another one of the 5 top reasons you need to do estate planning. If you become unable to make health care decisions or want to ensure your final wishes are spelled out, this person will be authorized to do so.
4 – Review Life Insurance
Has it been some time since you last reviewed your life insurance? Are beneficiaries up to date? Is the life insurance coverage still adequate? Estate planning includes verifying current life insurance policies and making any necessary changes.
5 – Settle Business Matters
Estate planning ensures your business matters are handled professionally. You can provide a buyout agreement or share your wishes and other succession plans with partners or business beneficiaries.
By planning as your life changes, you can alleviate some of the confusion, legal challenges, and disputes if you simply take the time to plan and sort out legal matters as your life changes. You might want to add more beneficiaries, amend your insurance policies, or sell assets.
Consider the estate planning process as your last opportunity to ensure everything you loved and lived, has a final resting place.
*Working with an estate management professional ensures your strategy complies with all tax regulations and state laws. Contact Brillant Law Firm today. We can help.