Creating an estate plan for the events after your death can feel overwhelming at times. There is often a lot to think about, both materially and emotionally. However, estate planning is one of the most important actions you can undertake while you are present of mind, here and now.
There are several crucial reasons to start planning your estate with a lawyer now, though some of them are more personal than others. When asked what made them decide to start their own planning process, here is what respondents cited as their most pressing concerns:
- Avoiding Probate (59%)Simply having a will does not necessarily preclude you from probate. This process of presenting your will and assets before a court can be both time-consuming, costly, and stressful for your loved ones. The only way to avoid probate is to work with specialized attorneys in estate planning to ensure that your assets are transferred in the way you prefer.
- Preventing Beneficiary Discord (57%)Do not let family arguments mar the legacy you leave behind. With a properly planned estate execution, you can avoid causing further pain and legal issues among those named in your will by detailing exactly how all of your assets will be handled in a fair, equitable distribution. The less room you leave for argument, the more smoothly the transition may proceed.
- Protecting Inheritance (39%)Some people choose to include in their estate planning specified provisions for money management to particular heirs, especially those who might be notoriously bad at handling their own finances. If for any reason you are concerned about a child or beneficiary mismanaging their inheritance money, you can set oversights and boundaries even long after you are gone.
Planning for your estate is never easy, but an experienced lawyer may at least help make the process a little bit less difficult. In the end, it may be the most important plan you ever create: one that will help provide and care for your loved ones, even if you can no longer be there with them in person. At the end of the day, that peace of mind is perhaps the greatest gift you can ever give.