Most people recognize the need for having a will created, as it can facilitate an orderly way for assets to pass when someone dies. But many might not always recognize some of the additional benefits of a properly drafted estate plan.
Even if a person has modest assets, the documents created in the estate planning process, such as the durable power of attorney for financial matters, and the durable power of attorney for health care, are of great benefit to assist a person’s family in administering his or her affairs should he or she become ill or incapacitated.
Some commonly overlooked benefits of a properly drafted estate plan include:
- Helps you avoid crises and possibly avoid probate court and unnecessary financial risk
- Identifies the right solutions for you and your family, that are geared to your priorities and best-interests
- Many plans involve revocable trusts, which for many people are a great way to combine their estate planning goals with the avoidance of probate
- Estate planning frequently encompasses the issues surrounding estate taxes, which can often eliminate or at least substantially reduce the likelihood of paying estate taxes
- As part of their estate planning, certain people also plan for the succession of their businesses
- Peace of mind for you and your family