As we get older, we often wonder about the legacy we are leaving behind and the difference we have made in the world. Similarly, we hope that our family members and loved ones are taken care of, even when we’re no longer here.
This is where legacy and estate planning can be crucial. Though estate planning may be an uncomfortable and sometimes difficult task, thoughtful estate planning will ensure that your finances and assets go to the people you care most about.
Estate planning isn’t for the ultra-wealthy; any stocks, bonds, property, or other assets should be assessed and put into a will or power of attorney so that everything is laid out and simple for your loved ones. In turn, this will relieve some stress.
Take a look at just a few of the ways legacy planning can bring you peace of mind:
- Provide for Your Family. Without an estate plan in place, it can be complicated for your family to access your assets after your death, including bonds, stocks, property, financial accounts, and even healthcare directives. Creating an estate plan will allow your loved ones to have access to your assets so they can pay off any immediate bills after your death, including funeral bills, mortgages, taxes, etc. Having your estate plan solidified well before your death will also help your loved ones avoid taxes and other legal fees, as the courts will need to divide your assets and distribute property. This comes with an extremely hefty price tag, so figuring out your estate plan will take this financial burden entirely off your loved ones.
- Probate Process. A probate process oversees the settlement and distribution of your assets to your loved ones from a will or trust. Without it, the probate process can take an extremely long time and add up to huge bills. It can also potentially cause arguments amongst your family members, as some families will fight over the division of your assets, regardless of what you may have wanted. Your estate plan will quickly and easily transfer your assets to whomever you have designated and make it much less stressful for everyone involved.
- Protection. Protecting your assets from people you don’t want a hold of your finances or property is one of the biggest reasons to have an estate plan in the first place. For example, if you’re worried about a family member mismanaging your finances after your death, you can draft a limited power of attorney with oversight provisions. Or, if you don’t want to or have any family members to name a beneficiary, you can direct your assets to a charitable institution or other loved one.
- Legacy. On a sentimental note, estate planning isn’t always about the financial aspect of your life. Use this time to reflect on your life and impart any meaningful life experiences or values that you have learned to the younger generation of your family. This may include childhood or coming of age memories or important life milestones like when you met your spouse and your wedding day. These moments contributed to your financial assets; it’s important to share these experiences with your family so that your sentimental and monetary legacy lives on.
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Sources:
https://hickman-lowder.com/thoughtful-estate-planning-brings-protection-and-peace-of-mind/
https://www.dkruslaw.com/how-estate-planning-can-give-you-peace-of-mind/
https://www.ldstrategies.com/a-good-estate-plan-equals-peace-of-mind-and-peace-in-the-family/
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