It’s not easy to think about what will happen should you become incapacitated, let alone discuss the topic with other people. Nonetheless, the subject is important and many find it to be easier than anticipated.
Part of coming to terms with the estate planning process is realizing the benefits it can bring. Due to the misconceptions that estate planning is only for the rich, or that it is a morbid subject, many people opt to put it off or simply ignore it altogether. Outlined below are some key reasons why you may want to tackle your estate plan now rather than later.
Lessening the tax burden
You want your assets to be passed onto those you hold dearest. Ideally, this means that you want them to enjoy the highest possible value. Without having a sound estate plan in place, matters are left to the courts and things may not play out as you had intended.
To ensure that your wishes come to fruition, you want to make sure that you have everything in writing. There are numerous estate planning instruments that can help your loved ones to avoid an unexpected tax hit.
Keeping the peace
Most of us have heard about a family dispute over a will or inheritance. Perhaps you think this couldn’t happen with your family? While this might be the case, it is best not to become complacent. Sadly, inheritance disputes can bring out the nasty side of individuals, and people who were once close can turn against each other. By having a sound estate plan in place, you can prevent this from happening. If your wishes are clear and in writing, then there is little room for dispute.
Delaying your estate planning can actually do more harm than good. As you take steps to plan for the future, remember that you have numerous legal rights at hand.