Four Reasons for Estate Planning That Have (Almost) Nothing to Do With Money

 Posted on September 21,2016 in Estate Planning

When most people think about estate planning, they think of wills, inheritances, and other ways to pass down a person’s property and assets to their heirs. Such an image is not necessarily wrong, but it certainly does not tell the whole the story. There are a number of reasons for estate planning that have very little to do with money and possessions, which makes the process important for every family, regardless of wealth or net worth.

1. Control Over Privacy

Without proper planning, your estate will be required to go through the process of probate, which is often long, cumbersome, and unpredictable. Probate is also a matter of public record, meaning your family’s affairs are made available to the general public. By taking steps in advance, you can limit the impact of the probate process and possibly avoid it altogether. In doing so, you can keep your personal details within your chosen circle.

2. Care of Minor Children

Do you have a plan for what would happen regarding your children if something tragic and unexpected happened to you? Did you know that it is possible to include such a plan in your will and other estate planning documents? The security of your children is more important than any physical or financial asset and should be protected with appropriate advance planning.

3. Making Health Care Decisions

When it comes to your health and medical treatment, only you can decide for yourself what type of care you would and would not like to receive in certain situations. You may appoint someone like a power of attorney to make such decisions for you, but the ultimate choice should be your own. Planning in advance with the use of living wills and do not resuscitate orders can eliminate confusion and bitterness for your family at a very difficult time.

4. Protecting Familial Relationships

This is the entry on the list that has to do somewhat with assets, but indirectly. When you die, is your family equipped to make decisions regarding your personal effects and belongings without a breaking into a fight? Following the death of a loved one, family members are often forced to make tough decisions in the midst of their grief, leading to unintended harsh words which can turn into years of resentment and separation. While you cannot prevent every argument, a comprehensive estate plan can leave far fewer decisions to be made the time of your death, therefore limiting the opportunity for family in-fighting.

Call Us Today

If you are ready to start exploring your options for protecting your family’s future, contact an experienced Lombard estate planning lawyer at A. Traub & Associates today. Call for a confidential consultation at any one of our three convenient office locations.

Sources:

https://www.nerdwallet.com/blog/investing/estate-planning-assets-property/

http://www.aaepa.com/2013/08/nontax-reasons-plan/