Most people do not even want to think about anything potentially negative or difficult; let alone plan for it. You may have heard plan for the worst and hope for the best. This is a good way to ensure you have a plan for potentially negative or unfavorable outcomes if they arise, but this goes against the way our brains are wired. We are wired to actually solve problems and think of the best way to avoid conflict and potential problems. Despite this, we all live in the real world and have to make real choices everyday. Some of the hardest decisions that one has to make can be part of the estate planning process. Is it worth it to make these decisions today before difficult situations may arise?
Yes, and here are a few benefits to planning now:
- Avoid confusion when it comes to your final wishes. No one wants to put the burden of the guessing game on a loved one. Often times, the final wishes of someone can greatly differ from even what the closest loved one may choose on their behalf.
- Ensure that your children and/or spouse receive your assets and your children are taken care of properly. Who would you choose to be the legal guardian for your children should something happen to you? If you don’t specify this, they could be taken care of by someone completely different than you expect. Also, if you do not plan correctly, your assets can be actually received by other parties that you did not expect and there can be conflicts as to whom should receive what, causing a large amount of unnecessary stress among those involved.
- Minimize expenses and taxes. What good is passing on your hard earned assets to your loved ones, if the assets are gone due to taxes and legal fees?
This is a very short, quick list and there are obviously many more reasons to contact an Estate Planner. It is always good practice to at least explore your options and formulate a plan. Schedule a free consultation with Ronald Otten. Click HERE to schedule your’s today!