Communicating About Healthy Finances

Financial Basics and Advice

Understanding How Estate Planning Could Help You

Even in today’s uncertain world, many people still do not fully realize the benefits that estate planning could have for them. Below are three benefits that even simple estate planning could give to every person.

Peace of Mind In Case of the Unexpected.

“Many people assume estate planning is only for the old or terminally ill, ” says Robert Morris, a leading probate attorney in Las Vegas. “However, in truth, it offers people of all ages peace of mind should they unexpectedly become injured or pass away, ” he continues. This is especially true for those who have a family. It allows you to be sure that your family is cared for and that their needs are met.

Allows you to maintain control of final decisions.

“Having an estate plan in place in case of an emergency allows you to maintain control of decisions should you become incapacitated,” states Morris. Estate planning not only includes wills, but can also include necessary documents such as a health care surrogate, a document in which you name an individual to make medical decisions for you should you become incapacitated, as well as a power of attorney which allows you to give your spouse or another person legal authority over financial or legal decisions. There is a wide variety of other documents that can help you prepare for the welfare and custody of children, inheritance, and final burial expenses.

“Perhaps most importantly to many people, by planning for your estate now, even if nothing should ever happen, you can dictate what becomes of your assets, make clear your desires, and care for loved ones. If you do not have an estate plan set it in place then the state has laws that will dictate what will happen to your children, your money, and your desires and wishes will not be taken into account,” says Morris.

Estate Planning Could Save You Money

While its true that estate planning, particularly advanced estate planning, does cost upfront, it can be as low as a few hundred dollars for a complete estate package for a husband and wife.

Having a plan in place to identify people of importance, who and who will not make decisions for you, and all other relevant information, can save your estate tens of thousands of dollars in court and attorney fees. Especially in the case of custody battles, will protestations, and probate requirements.

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