If you think estate planning is only for older people, do a quick rundown of your assets and debts. You may own a house, a car, and maybe some family heirlooms or antiques. What happens to your savings and checking accounts when you die? Forget the financial assets for a moment and think about your family. Who will take care of your children? Who is going to manage your estate on your death? Are you overwhelmed? That is how your family will be when you aren’t around. Estate planning puts you in charge.
You Can Plan for Unexpected Events
Estate planning isn’t just for your death. As part of your estate plan, you can set up legal documents for other contingencies, such as a disability or illness. If you were in an accident this weekend, who would take care of your pets, your bills, and even decide how you’re cared for in the hospital? Estate planning lets you decide these things.
You Decide Who Inherits
You may think you don’t have many assets, but you might be surprised what your heirs may fight over when you’re gone. Everyone suddenly wants grandma’s wedding ring or great-uncle Bill’s artwork. You decide who inherits the legacies you leave, whether it’s the equity in your home or your antique piano. You can leave your assets to who you want instead of leaving it to state laws.
You Decide Who Administrates Your Estate
The job of carrying out your wishes is a big one. There are many details to handle upon your death to close out your estate. If you don’t plan for your death, the state appoints a person to handle that job. Your estate will pay those expenses, leaving less for your heirs. An appointed executor may not have the same compassion for your family that a friend or family member would have.
Estate Planning Offers Your Family Peace of Mind
Part of estate planning is having the documents ready for your family when you aren’t around. Would your children know how to find your life insurance policy? Do you have specific instructions for your funeral?
Today, many estate plans also include digital information, such as social media instructions and other account information to help your family close those doors. Make an appointment with a lawyer, like an estate planning lawyer in Melbourne, FL from the Law Offices of Arcadier, Biggie, & Wood, who can guide you through the process to let you know that your wishes will be carried out.