Estate planning is not something that most people look forward to completing. However, it is an important part of financial planning. At the very least, most adults should have a will or trust, durable power of attorney, and healthcare power of attorney in place. Here are three reasons why you should move to get your affairs in order sooner rather than later.
1. To Save Money
You may not associate planning for your death as a way to save money, but proper estate planning can do just that. In fact, saving on taxes is one of the reasons estate planning is so important. The right combination of pre- and post-death transfers can help minimize the tax burden of your heirs.
2. To Avoid Friction
Let’s face it: Families can get pretty feisty when it comes to divvying up assets. Taking the time to have all of your family’s legal matters sorted and appropriately filed reduces strain on the executor, who no longer has to make tough decisions. It also serves to protect your wishes and ensure they are carried out. Contacting a family law specialist to go over estate planning and will drafting Jacksonville NC means your family will know exactly what you want to be done after you are gone.
3. To Minimize Confusion
In general, deaths aren’t planned out in advance. That means your passing may come as a complete and utter shock to your loved ones left behind. Leaving them clear instructions about funeral arrangements, estate distribution, and any other final wishes takes a lot of stress off of them. It also cuts down significantly on any confusion. This is especially true in the case of accidental or sudden death.
An estate plan can be simple or complex depending on your unique circumstances. Having the right plan in place can help avoid confusion about your final wishes, minimize friction between family members, and cut down on inheritance taxes after your death.