Having an estate plan is like wearing your seatbelt or having life insurance – it provides safety and protects what is important. As a parent, you want to pass on the best things. There are seven compelling reasons to complete an estate plan: five risks your family faces without an estate plan, and three positive benefits with an estate plan.
1. PROMOTING FAMILY HARMONY
Without an effective estate plan, important decisions are left unmade. Those left with these important decisions are often emotional, and self-focused. All too often probate court is the last contact siblings have with each other because of arguments surrounding the division of the estate. A good plan will leave troublemakers little to no room to cause problems, and make important decisions stopping arguments before they start. Will your children be left with wishes, regret, and rancor against their siblings or be grateful for the decisions you made and directions you gave?
2. PROMOTING YOUR VALUES
Your estate plan has the potential to convey your values far into the future.
Funding education: Ensuring your children or grandchildren will have access to top-notch education without the burden of thousands in student loans.
Supporting charities and causes: You may wish to devote some portion of your estate to supporting worthy causes or charities.
Encouraging thrift and savings: With a little creative estate planning you can use your estate to reward hard work and savings for the future.
What values are important to you, and what will your estate plan say about those values?
3. PROVIDING THE MOST BENEFIT
A carefully prepared estate plan provides the maximum benefit to your heirs by eliminating and avoiding the risks of not having a plan, and promoting family harmony and the values most important to you in the plan you do create. When you create an estate plan you ensure that your children will not have to go through probate, saving them thousands of dollars and months of time. Your estate plan ensures that the people and causes you choose are the beneficiaries, not the one’s the state has selected. And, your estate plan makes the hard decisions, reducing or eliminating future conflict, and carrying your values into the future.
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In the report I explain five major risks your family faces by not having an effective estate plan, and how to avoid those risks.
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