Two Reasons Why You Should Consider Estate Planning
If you're the type of person who believes that estate planning is only for the wildly rich and famous, you may want to think again. No matter how much money you do or don't have, it's always a good idea to plan out your estate, if for no other reason than you don't want to put the burden of decision on your loved ones. Estate planning is all about laying out your final wishes so that there will be no guess work concerning your last desires. Learning more about the benefits of estate planning can help you determine if you should take the time to draw up your own wishes as soon as possible.
Estate Planning Puts You In The Driver's Seat
Planning your estate is about more than just laying out whether you want to be buried or cremated and who you want any property or cash assets to go to. It also protects you while you're still alive in different ways.
For example, even if you are a young person, you could tragically be involved in a vehicle accident that renders you unable to get around the way you once did. You may not be incredibly close to your immediate family but have a special friend that you trust very much to make the right decision concerning your welfare.
Naming this individual as your caretaker in the event of an accident or other emergency allows you to have someone you trust as your power of attorney. Because you put this information in writing as a part of your estate plan, it is enforceable by law so that any disgruntled family members won't be able to violate your stated wishes.
Estate Planning Is Great If You Have A Blended Family
Planning your estate is also a good idea if you have a blended family. This is especially true if both you and your new spouse already have children of a particular age. You may be coming together simply because you love one another, while still understanding that much of what you've built should go to your children.
In some states, the spouse is considered the next-of-kin. If you don't make a written designation concerning how you want your belongings to be distributed, they will be given to your spouse by law. This could cause problems in your family that are best avoided by planning your estate.
Creating an estate plan may prove to be one of the best decisions that you could have made. Draw up your estate plans as soon as possible so you can enjoy these benefits and more. For more information, contact an experienced estate lawyer like Cormac McEnery.