You may know that an estate plan is a good thing to have. You might even realize that estate planning is important. But have you ever considered the benefits you get from having an estate plan?
Here are just 3 benefits of estate planning that you may never have thought of:
- Keeping Assets in Your Family.
A Legacy Estate Plan can ensure that your assets stay in your family. For example, if you do not have an estate plan and your child divorces his or her current spouse, half of your assets could go to the spouse.
If you do have an estate plan, you can set up a trust that can ensure that your assets will stay in your family.
If you are a blended family, it may be just as important for you to make sure that your assets go to your children, stepchildren, grandchildren or other beneficiaries.
- Keep Your Finances Out of the Public Eye and Protected from Creditors.
A major advantage to having a Legacy Estate Plan is that it can reduce estate taxes and the unnecessary costs of probate. Without a plan, your estate may be subject to the delays and costs of probate and your finances will be a matter of public record. With a Legacy Estate Plan in place, you can avoid probate entirely and reduce estate taxes.
Not only that, but with a Legacy Estate Plan, you can hold your assets in trust for your kids or other loved ones, and those assets are protected from creditors. This means that if your kids or others you have provided for file for bankruptcy, the money you have held in trust for them will not be a part of the bankruptcy proceedings.
3. You’ll Die Happy.
Ok, maybe that’s putting it a bit strong, but you will certainly die the way you want to, because a Legacy Estate Plan includes the execution of healthcare documents that allow you to specify whether or not you want to be kept alive artificially, and certain Powers of Attorney that allow you to nominate someone you trust to make financial and medical decisions on your behalf if you become incapacitated.
You can also direct where you want to be buried and/or whether you want to be cremated etc.
Most important of all, executing a Legacy Estate Plan will give you peace of mind because you will know that all your arrangements have been made and nothing is left to chance.
When you have a Legacy Estate Plan, you can be assured that your family will be taken care of. With a comprehensive plan in place, you will do much to prevent family discord and costly legal expenses and will ease the burden on your family.
Get Started Today!
We are estate planning attorneys with offices in Sedona, Arizona. We offer free consultations and we are available to service all of Arizona. We can help you with your estate planning needs. Contact us to set up your free appointment.