You love your family and want to know that your estate plan, as well as theirs, are all working to benefit the people around you. Good discussions about estate planning help everyone stay informed and get on the same page when someone passes away.
Here are three benefits of estate planning that you should keep in mind as you start working on yours or learning about someone else’s.
- You’ll know what you or your loved ones want
Whether you or a loved one is incapacitated or has passed away, a good estate plan will go over each person’s wishes and their intentions. There may be legal documents, like a health care power of attorney documents, that help family members make important decisions on their behalf. There may be a will that sets up the expectations for a funeral or burial.
A good estate plan goes over a person’s wishes and provides guidance at a time when a family may be dealing with a difficult loss.
- You’ll know where assets are going
Another benefit of estate planning is that you can decide where your assets are going after you pass away. You can also know where a loved one’s assets will go when they die. For you, setting up a trust or will gives you the opportunity to discuss your wishes and assign assets to certain individuals. For those set to receive assets, estate planning helps them understand what they’ll receive, why they’ll receive it, and when.
- You’ll have peace of mind
Perhaps the most important aspect of estate planning is giving people the peace of mind of knowing that they or their loved ones are taken care of if the unexpected occurs. If you set up your own estate plan and talk about it with your family members, everyone can be on the same page about what is going to happen if you are incapacitated or pass away. If you’re involved in conversations with someone else about their estate plan, you’ll have the opportunity to ask questions and understand more about what the future holds.
Estate planning is the key to improving your peace of mind, knowing what you or your loved ones want and determining how to divide assets. These and other aspects of estate planning make it indispensable.