Many people use estate planning to make the probate process easier and faster for their loved ones -- or to avoid probate altogether -- but an estate plan can be effective even long after probate ends. Below are a few ways that estate planning can continue to affect others, decades after a person's passing.
Every day, parents make decisions on how best to care for and protect their children. These decisions are often minor or routine. However, parents also make difficult decisions to protect their kids--decisions that can have a significant impact on a child's life.
Losing a loved one is, first and foremost, an emotional experience. However, unavoidable financial and logistical considerations are also lurking in the wings. In the aftermath of someone's passing, the task of making final arrangements and juxtaposing profound grief with mundane business transactions can often feel a bit surreal. This is particularly true when the death is unexpected or if family members disagree about what arrangements should be made.
Creating an estate plan is a highly personal event. It requires people to open up and make plans for what they want to happen to their personal property, who they want to make decisions on their behalf, and what type of legacy they wish to leave.
Estate and end-of-life planning are topics that often put people on edge. Maybe they make you feel uncomfortable or anxious, or maybe they seem too overwhelming and complicated to think about.
An estate plan is a valuable tool for any adult. It can minimize taxes, protect property, and provide critical guidance to loved ones who may otherwise struggle with making difficult decisions on your behalf.
Selecting someone to act on your behalf should you become incapacitated or pass away can be a difficult decision. Though most people choose a spouse, an adult child, sibling or parent to fill these roles, the decision is completely up to you.
Creating an estate plan is a wise decision for any adult. It allows people to document their wishes, appoint people to act on their behalf, and distribute their property after the die.
Many people face a very difficult situation when a loved one passes away. They often deal with grief, loneliness, and sometimes anger. Unfortunately, the process of managing and distributing that person's estate and assets doesn't make the situation any easier.