Estate planning is essential for all adults. Regardless of the size of your estate, estate planning lets you decide what will happen to your property. It gives you the tools needed to avoid problems down the line and to provide for your loved ones. Here’s why estate planning should matter to you.

You want to make your wishes clear.

You may have a good idea of what should happen to your property after your gone. Don’t assume that others will naturally draw the same conclusions. Make your wishes clear—and legally binding—by creating a will.

For example, you may want certain items to go to specific family members. You may also want to make charitable donations, whether this is in the form of money or items that have historical or artistic value. Estate planning is how you make sure this happens.

Estate planning can also help you express your wishes as to what should happen during a healthcare emergency. A living will can provide instructions in case you are ever incapacitated and unlikely to recover. You can also point a medical power of attorney who will be able to make medical decisions for you if you are unable to make them for yourself.

You want to avoid leaving behind a legacy of problems.

What kind of legacy do you want to leave behind? Estate planning can help you achieve this goal. Failing to create an estate plan, on the other hand, can result in disputes and headaches for your heirs.

The musician Prince died without a will. According to Forbes, this made settling his estate very complicated. Two years after his death, his heirs had not received any of his $200 million estate, although the IRS, the executor, and the executor’s lawyers had collected millions in fees and expenses. Estate planning can help you avoid legal disputes and tax issues.

Solid estate planning can help you avoid other headaches, as well. When Aretha Franklin died, it was believed that she had no will. However, three handwritten wills were later found. According to Wealth Management, whether these wills are valid will be determined by Michigan law.

You don’t want to take a risk with your estate. A lawyer who specializes in estate planning can make sure that your documents are valid under your state’s laws. You can also organize all essential documents and provide access to digital accounts so that all important information is readily available.

You want to plan for your loved ones.

Estate planning isn’t just about money. It’s also about making sure that your loved ones are cared for. If you have children who are still minors, you need to name a guardian. You should also make sure that the guardian will have the resources need to provide care, which may require purchasing a life insurance policy.

Many people consider their pets to be part of the family. Although not all states allow people to name animals as heirs, you can establish a caretaker for your pets and make sure that there will be enough resources to provide for them in the years to come.

The bottom line: If you care about what happens to your property and your loved ones after you are gone, or if you care about what will happen if you are ever incapacitated, estate planning is an essential process. And, with the right estate planning attorney, estate planning is easier than you might expect.


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