Estate planning may feel like an overwhelming task, but it’s an important responsibility. Estate planning isn’t just for the wealthy! Everyone can benefit from a proper estate plan that leaves no stone unturned when it comes to determining the most important aspects of their futures.
Read on to learn the top five reasons why estate planning is important.
1. Peace of mind for your loved ones
Proper estate planning gives your loved ones the confidence to carry out your financial and health care wishes if you die or become incapacitated, without the need for court proceedings or court oversight.
2. Control of your assets
If you become incapacitated or die without an estate plan, the state will determine what happens to your assets. Estate planning is important because it allows you to pass on your property as you desire.
3. Dependent care and protection
An estate plan allows you to select guardians to care for your dependents. This is especially important if you have minor children, a disabled or special needs family member you take care of, or an aging parent who lives with you.
4. Protection from financial hardship
Not having an estate plan can result in financial hardship for the loved ones who survive you, since assets may pass in a manner that causes tax liabilities. A proper estate plan can reduce the potentially serious effects of “death” taxes, such as estate or inheritance taxes.
5. The ability to arrange for your own care
Most people want to have a say in how their personal care and living arrangements will be handled someday. An estate plan contains certain legal documents everyone should have in place to protect themselves, their family, and their future.
At Morgan & DiSalvo, we realize that estate planning can be a difficult thing to think about, but we can help you develop a plan for your future that you fully understand and feel good about.