Thinking about your death isn’t exactly a pleasant pastime. Unfortunately, it’s what you have to do when you have assets and an estate to leave behind.
Miller & Steiert, P.C., estate planning attorneys from Littleton, Colorado, defines an estate plan as a “collection of documents that are designed to provide direction for what is to be done with your assets and finances upon your death.” Even if you’re not rich or don’t have many properties, estate planning is essential. Here’s why:
Estate Planning Protects Your Assets from Unwanted Beneficiaries
When you have a written document naming your intended beneficiaries, it will be legally executed upon your passing and will be hard to contest. It means that your hard-earned assets will only go to those who you deem worthy. If you die intestate, the courts will decide who gets your assets. They may distribute your assets to people you wouldn’t have wanted to receive them or those you believe undeserving to manage your estate.
Estate Planning Protects Your Young Children
You might not want to think of dying, but you need to prepare for it especially when you have young children. Drawing up a will is part of estate planning. You can use your will to name the guardian of your children in case the unthinkable happens. This way, they’re taken care of by someone you personally approve until they’re old enough to fend for themselves.
Estate Planning Helps You Make Medical Decisions for Yourself When You Aren’t Able To
If you suddenly get seriously injured or incapacitated, there’s no guarantee that your relatives will make the same medical decisions that you would have. An estate plan covers the healthcare power of attorney that gives a person the legal right to make medical decisions for you when you can’t. You have to make sure to grant this power to someone whom you completely trust will make the right decisions on your behalf.
If you want your assets, your loved ones, and yourself to be protected, estate planning is one way to ensure that. In the end, knowing that you’re prepared and have done everything will give you peace of mind.