Benefits of Estate Planning

Let’s admit it: We care about how we are remembered after death, and also about what happens to our lifetime accumulation of financial and other assets.

Thus, it’s foolhardy to think that we can keep putting off estate planning on the premise that death is still a long ways away, or that everything will somehow work out (miraculously) according to our wishes if we do nothing.

Death isn’t typically considered an upbeat topic to talk or think about. And, there’s some hassle and expense involved in estate planning because good estate planning is not just a bunch of forms.

Here are some advantages to undertaking estate planning:

Control. If you don’t have an estate plan, your possessions may go to someone that you didn’t intend. You also may incur unnecessary taxes. A Will is the way for you to handpick guardians for your minor children should both parents die. You also can appoint the trustee of your trust, and nominate the personal representative of your estate.

Better Memories. Grief over your death is enough for your loved ones to have on their plates. If, instead, they also must second-guess what you may have wanted for the disposition of your body, memorial service, etc., they are also going to remember their anguish over your lack of planning every time they think of you.

Relief for Your Loved Ones. There’s a sense of satisfaction for your loved ones if they know what you wanted and can therefore carry out your wishes.

Peace of Mind for You. You can leave this life knowing that, by planning, you’ve made your departure as easy as possible for your loved ones. Estate planning reduces the likelihood of family fights, and provides a roadmap for your loved ones to follow.

Save Money. Good estate planning that is periodically updated as your life or the law changes, is highly likely to result in lower costs for settling your estate and/or administering your trust. The savings are passed along to your intended beneficiaries.

Faster transfer of Assets. A well-reasoned estate plan may result in a faster transfer of your assets to your heirs. Having no estate plan, an outdated estate plan, or a problematic estate plan is likely to cause delays, which likely will mean a lesser inheritance for your loved ones.

Helps with Dementia or Other Mental Capacity Issues. Good estate plans provide for the day when you may experience mental incapacity issues. Without such planning, the court may be in control of your life. Court involvement can be expensive and a hassle.

So, do yourself and your loved ones a favor by making an appointment with an estate planning lawyer today. Consider this: You don’t know what you don’t know, so getting some solid legal advice is very helpful.

©2017 Wittenburg Law Office, PLLC. All rights reserved.

Disclaimer: This Blog is for informational purposes only and is not to be construed as legal advice. If you have questions, please seek the advice of an attorney licensed to practice law in the state where you live. Wittenburg Law does not expressly or implicitly warrant the accuracy or reliability of any of the Blog’s contents. An attorney-client relationship is not formed by reading this Blog. If you are interested in Wittenburg Law’s representation of you, you must contact Wittenburg Law for a determination of whether your matter is one for which Wittenburg Law is willing and able to accept representation of you.

Bonnie Wittenburg, Wittenburg Law Office, PLLC, 601 Carlson Parkway, Suite 1050, Minnetonka, MN 55305 952-649-9771