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Why is Estate Planning So Important?

Why is estate planning so important?  Like taxes, death is inevitable.  While no one likes to discuss either issue, if one postpones estate planning, the consequences to the beneficiaries (loved ones) could be that they don’t receive what you would have wanted due to laws, costs in administration, taxes, or legal disputes among beneficiaries.

Estate planning allows one to write their own rule book for how they would like to have their estate, no matter how big or small, distributed upon their death or even disability.  Estate planning allows one to plan in order to minimizing tax consequences.  Estate planning can provide for disabled love ones so that their inheritance is used to provide the most benefit for them.

An estate plan is necessary to provide direction to the court as to whom should be appointed as guardians for minor children if a parent dies or becomes disabled.  If such a tragedy occurs, there should be no question as to whom you would want to raise your children.  A Will tells the court your wishes for your children.

Estate planning can also include direction and planning for times when one needs someone to step in and manage their financial affairs or make medical decisions for them.

Without a simple estate plan, too many things are left to chance.  The financial and emotion cost can be devastating to the family members who are left behind.  It is really everyone’s responsibility to their loved ones to have their wishes in writing and to carefully and thoughtfully plan for the time when they’re gone.  Estate planning is a priceless gift we can leave to the ones we love.