Many people make an assumption that they don’t need estate planning, or they can’t benefit from it in a tangible way. Estate planning is something that can greatly benefit everyone, not just the rich and famous. Estate planning gives you the opportunity to essentially map out how you want your assets, among other important items, handled following your death. This ensures that your finances, your home, and your business are all managed according to your wishes and that your family is provided for after you pass away.
Here are five important benefits of having an estate plan.
State Your Wishes if Incapacitated
One of the most important benefits of creating an estate plan is that it allows you to plan for unpredictable events that life may throw your way. Accidents and physical or mental illnesses can blindside you at a moment’s notice. We never like to think of these events occurring, but the reality is that planning for them is much better than being left at the will of others making decisions on your behalf. An estate plan will clearly outline all of your wishes when it comes to major life and medical-based decisions if something does ever occur.
Select Guardians for Children
If you have young children, having a plan set in place will nominate a guardian of your choice for looking after your children following your death. This can provide peace of mind knowing that the decision won’t be left in the hands of the courts, and will instead, be determined according to your wishes.
Establish Trustees of Your Estate
Choosing someone you know and trust to oversee the details of your estate ensures everything is kept in order and in line with your wishes. Giving authority to someone you choose can also help alleviate the burden on your family, along with any potential conflict, and simplify the administration process of your assets.
Provide for Your Family
Providing for your family in the case of your death is another crucial factor for establishing an estate plan. This will help allocate money to the appropriate family members, helping to provide for them, or even your children if anything were to happen to both parents.
Protect Your Business and Legacy
If you own a business, an estate plan can help ensure that it continues to operate according to your wishes by establishing an orderly succession. You get to decide what happens to your business and your legacy after you pass on.
Wouldn’t you want to have the final word on how your finances, home, and family are treated after you pass away? Estate planning is crucial to ensure that your wishes, your assets, and your loved ones are looked after and protected in the case of your death. When you’re ready to create your estate plan, contact us at The Beacon Group of Assante Financial Management Ltd. We can guide you through the process and help you safeguard your assets.