Benefits of Estate Planning
Sometimes, thinking about the future can be difficult, especially thinking about a time where you might be incapacitated, or no longer living. However, doing a bit of thinking about these things, and planning for them, can make things easier for you and your family.
Estate planning is an in-depth way to ensure that your family is taken care of after your death. Estate plans use different types of documents to secure your assets after your death. This can include your will, as well as a living will, which involves you dictating your requests while still alive. For instance, a living will explain the type of medical care you would want, should you become incapacitated and are unable to speak. It can also help your family make difficult end-of-life decisions and save them money. With an estate plan, you can designate a financial power of attorney. This is someone who can handle your finances if you are incapacitated and unable to do so. The attorney-in-fact will be able to make transactions on your accounts, business decisions, and other financial decisions, based on what you set out to allow. Establishing a power of attorney for your finances is a good way to keep your finances stable, should you lose your capacity to manage them yourself.
Estate Planning for Complex Financial Situations
Estate plans can be especially beneficial for people with somewhat complicated finances. For instance, those who have been married more than once, own a business, want to give to charity, or have specific requests for their assets and property could benefit from a strong estate plan. It can also provide clarity if you are worried about your wishes not being carried out upon death or if your children are not old enough to inherit your assets. An estate plan can establish a trust for them.
Estate Planning for Privacy
Privacy may also be a concern when considering a will versus an estate plan. A will, which goes through probate court, is public matter. An estate plan, or at least many of the documents making up an estate plan, are private and do not become public record upon your death.
Estate planning can also cover less-pleasant things to consider, like where your children would go, should tragedy strike. Establishing a plan for that can keep them out of the foster system and make sure they are looked after by people or family of your choosing.
It can also establish guidelines for medical issues and what you would like to have happen if you became incapacitated. This can prevent your family from having to make difficult decisions for you and may involve a healthcare proxy or a healthcare power of attorney.
Estate Planning and Retirement
Another benefit of estate planning, that is often overlooked, is the impact it has on your retirement. Planning ahead can make sure you are ready to apply for government benefits in order to cover things like nursing or long-term care stays when the need strikes.
Contact an Estate Planning Attorney
If you are looking for the best fit for you, an experienced estate planning attorney can help to educate you on your options. The Mattar Firm is well-versed in which documents work for different situations and can provide you all the information you will need to make an educated decision. Call us today at 239-222-2222.