Reviewing other benefits of an effective estate plan

| Dec 4, 2020 | Firm News |

Many people are well aware of the financial perks of setting up a solid estate plan, such as ensuring that assets are divided in accordance with one’s wishes and even helping disabled loved ones retain their eligibility for government benefits through a special needs trust. However, there are many other reasons why having an effective estate plan is important, from safeguarding the stability of a family to emotional relief.

If you are undecided about whether it is the right time to create a will or trust, carefully reflect on some of the other reasons why having an estate plan in place is so important.

What emotional perks do estate plans offer?

According to USAGov, creating an estate plan allows people to pass down their assets following their death and help their loved ones understand and carry out their wishes. Many people feel incredibly relieved once they have successfully maneuvered through the process of setting up an estate plan and feel less stressed out about their life and their loved ones’ futures. Uncertainties about one’s ability to provide family members with financial support after they die often diminish or even disappear altogether. Some people have an easier time accepting end of life issues and sleep better with a renewed sense of hope.

How do estate plans benefit a family?

When someone dies without an estate plan (or they have a poorly-drafted will or trust), many problems often arise for their loved ones. Sometimes, bitter disputes tear families apart and lead to long-term rivalries. Even when families are able to reach agreement on key estate matters, the entire process is often very stressful and time-consuming when an estate plan is not in place to account for these hurdles. By taking the time to work through one’s estate by setting up an effective plan, many of these challenges are avoided.