Is Estate Planning The Right Thing For Me?
There are a number of reasons why estate planning can be very beneficial for you and your loved ones. Perhaps first and foremost, it will provide you with the assurance that those you love will be well taken care of when you die. It can also help reduce the stress your loved ones experience since an estate plan can make many decisions ahead of time so they do not have to. If you have questions about whether estate planning is right for you, you can ask an estate lawyer residents trust like W.B. Moore Law. A lawyer can answer your questions and address your concerns.
Take care of your family.
Although it seems like it would be obvious that your assets go to your family, this isn’t always the case. An extended family member, business partner, or other people could contest your family’s right to your assets. And without an estate plan, a judge might rule in their favor. Having an estate plan can help protect your family and ensure they are taken care of following your death.
Ensure your kids are with someone who loves them.
If you pass away before your children are independent adults, you want to make sure that they are well taken care of if you unexpectedly pass away. Although it is unpleasant to think about, you don’t want to risk allowing the court to decide who will be responsible for their care. In an estate plan you can dictate who will care for your children and how your assets will be distributed to them and when. You may decide to allow the caregiver to use the assets on your children’s behalf until they are 18, or you may ask them to save the money until they are legally old enough to decide what to do with it.
Determine what will happen if you become incapacitated.
Life happens. Car accidents, medical procedures, and recreation mishaps can all change your life in the flash of an eye. Rather than hoping for the best, you can help reduce your loved one’s stress by making medical decisions ahead of time. Do you want to be on life support? Do you want to be on it indefinitely or only for a certain amount of time? What should your family do if doctors determine you are brain dead? A good estate plan can tell your loved ones what you want so they don’t have to make hard decisions in an already challenging time.