While most people don’t want to think about what will happen when they’re gone, tragedies can occur in a second. It’s better to be prepared just in case something happens, so loved ones won’t have to worry about what to do if the worst does happen. That’s where estate planning comes in. No matter how much or how little a person has, creating an estate plan can help in case the unthinkable does occur.
Protect Loved Ones From Conflicts
Conflicts are incredibly common after a loved one passes or if a loved one is incapacitated in any way. These conflicts can destroy a family, lead to potential criminal charges, or lead to assets being stolen or destroyed. One way to protect loved ones from potential conflicts is to work with a lawyer like those at Ruelas Andino Law to create an estate plan that can help ensure everyone knows what the person wants. This reduces the chance for loved ones to argue over intentions or how to handle a situation, as there will be a plan in place.
Prevent Potential Delays
While the average probate process takes around six to nine months to complete, there are situations in which it can take much longer to complete. This means loved ones won’t be able to access the assets that are intended for them or are supposed to go to them through inheritance laws. Having an estate plan in place can mean the probate process isn’t needed in some states or, where it’s still required, can be a lot faster. This way, no one has to wait long to be able to access their inheritance.
Preserve Assets
Assets can be depleted during the probate process if there is no estate plan in place or the estate is not set up properly. The beneficiary may have to pay an inheritance tax, for instance, on any funds they receive through the estate. This can add up to a significant amount depending on the size of the inheritance. There may also be debt collectors who try to collect from the estate, which can reduce the inheritance further. Working with an estate planning lawyer helps to reduce the potential expenses that may occur during this process.
Provide Clarity and Direction
If a person is injured or ill and unable to make their own medical decisions, what happens? Hopefully, they’ve spoken to their family about their wishes, but this doesn’t mean their wishes will be followed, and there can be conflicts about what to do next. Instead, it is a good idea to use the estate plan as a way to provide clarity and direction if anything happens. This way, there is a legal document stating what the person wishes to happen and who they want to speak for them if they can’t speak for themselves.
While you may not want to think about what will happen when you’re gone or unable to handle your own affairs, it is something that’s important to think about before anything happens. Estate planning can help create a plan designed to make sure your legacy is protected if anything happens to you and that your assets are shared according to your wishes. Schedule a time to speak with an estate planning lawyer now to learn more.
Dive deeper—explore more stories that reveal hidden gems at 2A Magazine today.
