Estate Planning and Why It Is Important

To ensure you healthcare wishes and final property are honoured and your loved ones are still provided for in your absence, estate planning is among the most important initiatives you can take.   Even though it is usually overlooked or downplayed in favour of other immediate needs, comprehensive estate plans can resolve plenty of legal questions that could arise upon death.    Estate is made up of all the property and individual owned when they died e.g. bank accounts, securities, real estate, personal property such as jewellery and life insurance policies.   Below are some advantages of properly drafted estate plans. Read more here.

With a properly drafted estate plan, people can still provide for their families even after they die. Without well drafted estate plans, families get less property and sticks them longer to get anything. Meaning that families get left in limbo, without enough finances to cover living expenses and bills. Through good estate planning, families can still be provided for and not face financial difficulty during any untimely deaths.

When people die without a good estate plan, most of what they leave behind can be eaten up by court costs and attorney’s fees. If an individual dies without a proper estate plan, courts are made to handle everything from property distribution, guardianship of the children and business dissolution. This process is known as probate, which is very expensive, easily exceeding upwards of USD10,000 for small estates. The funds used to cover probate could have been put to better use by the family of the deceased instead of filling the pockets of an attorney.

Through good estate planning, the deceased’s family can access property much quicker. Without proper estate planning, the family could wait as much as nine months to get anything from the deceased’s estate. Good estate planning on the other hand means a family can access all the funds they require to pay bills, pay for the funeral, pay any outstanding medical bills and cover basically anything else they require without delay. Read more about this here.

Retirement becomes much easier with good estate planning. While estate planning is synonymous with death, many people may be surprised at the idea that estate planning could be of benefit to them while they are still alive, and not just to the beneficiaries after their death. One such area people can benefit from his healthcare, since estate planning ensures people are eligible for government benefits such as Medicare. Most people pay for Medicare during their working years, therefore through estate planning they can take advantage of this by reducing the burden of healthcare costs to their loved ones.

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Estate Planning and Why It Is Important