I know most individuals think estate planning is all about protecting your hard-earned assets, making sure what you own, be it real estate, antiques, vehicles, or cash, is distributed correctly, and probably minimizing any probate situations and avoiding taxes.
While all that is, in fact, true, estate planning can do all that and more, at the end of the day, estate planning really isn’t about your “stuff.” It’s about what is the most valuable to you (I hope) and that is your loved ones. Whether those loved ones are relatives or friends. Or even your pets or special charities. When you create and maintain your estate plan, you’re doing it for them – not for the “stuff.” Well, you’re doing it for yourself too. When you have your plans in place, your peace of mind, knowing you have done what you can to help your loved ones after you’re gone, is truly priceless. Because IF you don’t have a plan, they will suffer the consequences.
But let’s run down a short list of key benefits that more than demonstrate the value of a complete and up-to-date estate plan.
It provides control over how your assets will be managed if you become incapacitated and after your death. This is important because you know who you want to inherit your assets. Don’t let the state make that decision for you.
It protects your beneficiaries if you have minor children, dependents with special needs, or family members who are not good with money. See? It’s all about them … not the stuff.
It heads off family feuds over the “stuff.” A good estate plan can prevent misunderstandings or even legal battles over asset distribution. No one wants to put their loved ones in a situation where everyone will lose in the end, be it financially or emotionally.
It can reduce taxes, which is often considered a primary goal, but it’s really about ensuring that more of your estate goes to the people or causes you care about.
It can ensure your medical preferences are known and followed. A comprehensive estate plan includes documents like a living will or healthcare power of attorney, which ensure that your medical and personal care preferences are followed if you cannot make decisions for yourself. Bottomline, this is all about not putting your loved ones in a terrible position of having to make choices on your behalf and then having to live with them later, wondering if they did the right thing. Let them know ahead of time so they can rest easy knowing they made the decision you wanted them to make.
And peace of mind. I know I mentioned that earlier, but it isn’t just your peace of mind. Your loved ones will share that with you, knowing you have your “affairs in order” and they won’t be left with a legal mess, stressful arguments, or horrifying medical decisions.
Maybe, if you don’t already have an estate plan, or if it needs updating, this perspective will motivate you to call me at 513-399-7526 to schedule a consultation. Or, as a first step, visit my website at www.davidlefton.com for more information. Remember, this isn’t just about your stuff; it is primarily about your loved ones. Do it for them.