Benefits of Estate Planning in Advance
- DATE: February 25, 2018
- POSTED IN: Blog , Estate planning , NextScripts Auto Post
- POSTED BY: Gene Kirzhner
The benefits of estate planning are best seen with early planning. However, it can be hard to know when and where to start. It isn’t something we tend to think about while we are alive, which makes it harder for those around us when we pass. But, you want to make sure that sentimental items or monetary assets are distributed the way you want. The last thing you want is for someone to receive something you intended for someone else. Nothing is ever promised for tomorrow, so you need to reap the benefits of estate planning now.
Benefits of Estate Planning: When to Start
You can never start estate planning too soon. The sooner you start, the more time you have if you decide to make changes later. It also means that there is a document in place if something should happen. You want to make sure that you have Power of Attorney for anyone who needs it or any plans for medical emergencies that might be needed. This will ensure that your wishes are always executed. If you take care of an elderly person or child, you will need additional paperwork, as well. This is where an estate attorney become a great help. They will be able to help you with the paperwork and the process. They will also be able to make sure that you have all your bases covered.
Benefits of Estate Planning: Attorneys
Attorneys are essential in these times. Through experience and expertise in the law, they will know what you need to account for. They will also be able to help you process that paperwork. In some cases, they might have a solution to a problem you aren’t sure about. In others, they will have an alternate course that is better for your estate. But, regardless, an attorney will help you with the benefits of estate planning. They have seen these proceedings before and knew how to handle them. Going this route alone can be dangerous. It leaves you open to the wrong paperwork, paperwork executed wrong and even untied ends. These are all things you want to avoid. And the best way to do that is to have another set of eyes that has done this several times before.
How Should I Start Estate Planning?
An estate attorney should be your first step. You want to call and make an appointment as soon as you can. While you are waiting to be seen, it is a good idea to make a list of the things you know you want to account for and who they should go to. You will also want to make a list of all of your assets. This doesn’t only mean property and money. This means anything you own that you want to go to someone or something. Maybe you want all of your clothes and stuffed animals to go to Goodwill, but your doll collection to go to your niece. Or perhaps you have a car you want to leave to your grandson. These are all thing that will help your discussion with the attorney. You can read more about how to start estate planning here.
Benefits of Estate Planning: Debts
You want to make sure that when you pass, everything is taken care of. Those you leave behind will already be in a state of distress; there are some things that are likely to get missed. Planning your estate early means that this will be a lot easier for them. It also means that you can account for any debts you may have or taxes those loved ones might incur. What the new tax legislation, death can become costly for those around you. While it is a shame, it is also a topic for discussion with your attorney. They will be able to tell you how to minimize the damage to those receiving assets or executing your executing your estate. Having a professional draft that paperwork means that your wishes are explicit and without question.
Your estate attorney will help you understand the benefits of estate planning. They will be able to map it all out so that it is clear and concise. They will also be able to tell you how much to plan for and where to put it. You will want to discuss options like trusts and access to money for debts and taxes. Not all circumstances are the same and having someone to guide you through the best options for you will be an asset in itself. You can start your search here. You want to make sure that there is plenty of planning in place, that will make it easier on those you love in the long run. Losing someone you love is hard enough, they shouldn’t have to fight over details also.