5 Major Benefits of Estate Planning

Monday, December 13, 2021

Dragging your feet when it comes to creating a will? If so, you’re far from alone. Future planning can be an intimidating prospect—which is why around 6 in 10 U.S. adults don’t yet have a will or living trust.

However difficult these decisions may be, it’s worth noting that creating a plan for the future can save you and your family from major headaches down the line. If you’re on the fence about drafting these crucial documents, here’s what you should know about the key benefits of estate planning.

Protect and Provide for Your Family

Without a valid estate plan, your family may struggle to get their hands on the money they deserve—and it can take them longer to get it. In some cases, it may take your family months to get anything after you pass away with no estate plan. Worse, having no will can lead to familial conflicts and frustration, especially if your beneficiaries disagree about what should happen to certain assets and accounts.

In addition, setting out a valid estate plan allows you to name guardians for any minor children and leave them the financial support they need.

Avoid Probate

One of the biggest advantages of creating a plan for the future is that it means avoiding probate.

If you don’t have a will and trust, the Pennsylvania court system will decide how to divide up your assets. This might even mean that some of your intended beneficiaries won’t receive anything at all.

With an estate planning attorney on your side, you can ensure that your documents outline your exact intentions.

Outline Medical and End-of-Life Decisions

No one expects to be unable to communicate their wishes regarding medical treatments. However, it’s important to plan for this scenario by laying out your preferences for long-term care. This can save both your loved ones the burden and emotional strain of guessing how best to proceed.

In addition, writing a will can help your loved ones make crucial decisions in the event of your passing as well. By outlining your burial and funeral preferences in advance, you can give your loved ones the confidence of knowing that your arrangements are exactly what you’d have wanted.

Choose a Representative

Your executor is someone named in your will who will make decisions on your behalf. A good estate plan can give someone power of attorney for crucial financial and healthcare decisions, which can be helpful in any situations that you haven’t outlined in your will. For this reason, it’s crucial to make sure you’re choosing someone you can trust!

Plan for Taxes and Fees

A good estate planning lawyer can help you reduce or even eliminate certain taxes and fees after your death. This can help ensure that more of your assets go to your family rather than going to the state.

Take Advantage of the Benefits of Estate Planning

Though the process can feel overwhelming, it’s clear that you can’t afford to miss out on the benefits of estate planning. With the right documents, you can save your loved ones from the burden of guessing your wishes or struggling to get the money they deserve.

What’s more, the right estate planning team can make the process as smooth as possible, helping you navigate your options according to your personal situation.

That’s where we come in! As the local Pennsylvania estate law experts, we’ll guide you through each step of the estate planning process. Contact us today to schedule a consultation.

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