Creating an estate plan has its obvious advantages and there are many positive outcomes to be considered. Check out four of the most noteworthy positives that can come from creating an estate plan with an attorney.
Family Is Alleviated from Making Tough Choices
Think about what will take place if you pass away. Your loved ones become responsible for making a lot of tough decisions. They will be left trying to determine:
- Who should be the decision-maker out of everyone involved
- How to fairly divide the property you left behind
- How your funeral arrangements should be made and paid for
When you create an estate plan with the help of an attorney, your family members can mourn quietly because all the plans have already been made. The only thing they will have to do is comfort one another and wait for your estate plan to be disclosed.
Property Transitions Happen Quickly
When there is no estate plan in place, the distribution of your property can take months, if not years, to complete. Your loved ones will have to open a probate case in court just to get the process started, and there can be so many variables involved that things can get complicated really quickly. With a legally documented estate plan, the people who you want to take ownership of your property can do so quickly; they won't be left waiting for long stretches of time.
Minor Heirs Are Financially Supported
If you have children that are still minors, it is even more important that you have an estate plan in place. You can make arrangements in your plans about who will take over guardianship and even who will be allowed visitation rights. Beyond that, however, there is one more pertinent thing you can cover in your plan: You can create a financial support plan for your children. For example, you can set up a trust fund that pays for your minor child's tuition to college or is dispersed at regular intervals to the guardian for the care expenses related to raising the child.
Estate Funds Are Used More Efficiently
Without an estate plan, your living heirs will be forced to take legal steps on their own to get your property distributed. Legal fees incurred during all of this can be charged against estate funds, which means whatever you leave behind can be depleted rather quickly when all of this could have been avoided.
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