Estate planning allows someone to create a will, trust and other end-of-life plans. It also keeps the person’s estate from going through probate after their death.
That’s not the only purpose of an estate plan, however. Here are three ways having your estate plan together can benefit you and your family:
1. You choose how your assets are divided.
Having a will allows you to divide your assets the way you want. By having a will, you may ensure that your loved ones and friends will receive your assets, just as you wish. Without a will, the state will disburse your property may go according to a set of regulations. This may leave out potential recipients such as favorite charities, loved ones or even friends.
2. You minimize familial disputes.
As long as you have a will in place that was drafted by an attorney, your loved ones can generally assume that you were of sound mind at the time you made your plans. They can also rest assured that your wishes are clear. That can circumvent familial disputes about your assets.
3. You can select a guardian for your minor children.
Anyone who has minor children needs a will. Even if you have little in the way of property or personal assets, you want to designate a guardian for your children if you and your co-parent should both pass away.
Many people hesitate to start their estate plans because they think don’t like to think about the possibilities or feel like they’re too young to bother. However, anything can happen, and an effective estate plan can help you protect your family even after you’re gone.