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Time is everything when it comes to estate planning. Even if you’re a procrastinator by nature, put your dawdling ways aside and take care of business. With a solid estate plan in place, you can live freely, knowing your loved ones will be safe and comfortable if the unexpected happens.
In this article, we’ll look at ten consequential benefits of estate planning. Our goal is to help you recognise the benefits of estate planning and give you a better idea of why you should take care of your plan as soon as possible.
The number one benefit of estate planning is that it enables you to provide for your family even when you’re not around anymore. You work hard, day in and day out, to give your family a comfortable life, and with proper planning, they’ll be able to continue enjoying the standard of living they appreciate now.
Don’t leave your loved ones in limbo. Without the strain of figuring out how to provide for themselves, your family can focus on caring for each other in the wake of an unexpected death; they won’t fall apart due to sudden financial strain.
It’s an awful thought, but think about it: what would happen to your children if you and your partner were tragically killed in an accident tomorrow?
Estate planning makes it possible for you to have complete control over the situation, even if you’re gone. Don’t allow the courts to decide the details of your children’s lives. Through your estate planning, you can appoint a guardian, spell out your financial wishes for your kids and leave instructions.
When an estate goes through probate, loved ones often have to wait many months to receive any payout at all. This situation can be extremely stressful, especially when the family is dealing with paying for a funeral and settling debts.
Proper estate planning expedites the distribution of property to the deceased’s loved ones. Your family can avoid irritating delays and ease their financial strain.
Attorney’s fees and court costs can diminish the size of your estate if you neglect to plan your estate. When you die without an estate plan, the courts must step in and handle everything: the guardianship of your children, distribution of your assets, payment of debts, and even the dissolution of your business.
Probate gets very expensive (and time-consuming). Instead of spending thousands on legal fees, take care of the planning yourself, and leave more assets to your loved ones.
What if you had to decide whether or not to pull the plug on a family member in a coma? What about choosing where to bury a loved one? Or would they prefer cremation?
In a time of crisis, these decisions can be heart-wrenching and painful. But you can make life easier for your family members by including your wishes in your estate plan. Specify your desires about end-of-life care and decide how you want your remains to be handled. Nobody is better qualified to decide than you, and your family will greatly appreciate your thoughtfulness.
Most people assume that estate planning will make life easier for their loved ones in future years, but did you know it can also make your experience better during retirement?
By sorting out your financial life, you’re more likely to take advantage of government programs available to you during your retirement. Additionally, you’ll live with increased peace of mind, knowing you’ve prepared for the future and taken care of your loved ones.
They say the only certainties in life are death and taxes, but estate planning can help you to minimise your tax liabilities. Each dollar you pay in taxes is a dollar your family doesn’t get to keep after you’re gone. There are many tax reduction strategies you can use, and the sooner you get started, the more you’ll be able to leave to your loved ones.
You probably associate estate planning with death, but it can also be instrumental in assisting your family through incapacity. If you suffer a stroke or an accident, what will happen to your finances? Who will take care of your bills and manage your property? By designating the management of your healthcare decisions and financial concerns to someone you trust, you can preserve your wealth and stay in control, even while you’re out of commission.
If you own a business, what will happen to it after you’re gone? A business succession plan can work in harmony with your estate plan, guiding your heirs through the process of turning your business over to qualified successors.
You can care for your family and your employees by laying out a plan to continue “business as usual” even if you become incapacitated or die. Our business experts can help you to create such a plan, giving you, your family, and your associates peace of mind.
Finally, if you want to make a lasting difference in the world, consider donating a portion of your estate to a charity or cause that’s important to you. We can help you to include philanthropy as a part of your estate planning. While you may not have the resources of Jeff Bezos or Warren Buffett, even a few hundred dollars can give your favourite charity a boost.
To learn more about estate planning, or to set up a consultation to speak with one of our wealth advisers, get in touch with us at Altus. As soon as you start the process, we guarantee that you’ll begin to feel more calm and relaxed about the future.
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