Regardless of the assets or wealth in your estate, everyone can benefit from creating a solid estate plan.
Estate planning gives you the opportunity to plan ahead for your family and reduce the number of decisions they need to make after you are gone.
1. Plan for your future healthcare
A good estate plan includes planning for your future care in the event you become mentally or physically incapacitated through illness or injury. With a medical power of attorney, you assign someone to make medical decisions for you if you are unable. An advanced healthcare directive allows you to state your wishes regarding end-of-life care.
2. Choose guardians for your children
Every parent knows the fear of worrying about what will happen to their children if they are not around. Including guardianship documents in your estate plan allows you to choose who will care for your minor children when you die.
3. Determine who inherits
A will allows you to distribute your estate exactly how you wish. In addition to your biological heirs, you may include non-family members to inherit if you choose. In your will, you determine what parts of your estate or how much of your estate will go to each beneficiary.
An estate plan gives you a voice after you are gone. Having a solid estate plan in place lessens the stress on your loved ones when they are grieving. Planning ahead makes your choices and wishes about what to do with your estate clear to those you leave behind.