While we create estate plans to make sure that our wishes are carried out after our death or incapacity, we ultimately establish these plans for our loved ones. There are various reasons, however, why many people hesitate to create any type of estate plan at all. For one, it can be frightening to confront the fact that like everyone else, you too will one day pass away. Uneasiness about this prospect can cause you to end up delaying the creation of an estate plan for years and sometimes even permanently.
One of the best ways to motivate yourself to take the steps necessary to create plans for your future is to understand why your loved ones want you to do so. As a result, this article reviews some of the most common reasons why family members and other loved ones want us to create estate planning documents.
# 1 – Avoid Complications
The estate administration process is a complex process that involves settling the various assets that make up a person’s estate. Probate is sometimes required, which makes this process more costly and take much longer. By preparing estate planning documents in advance, you can greatly reduce the complications that your loved ones end up facing after your death.
# 2 – Maintaining Privacy
If estate administration must pass to probate, the resolution of a person’s estate becomes a public matter. This means that any member of the public who later wants to review these terms can do so. The probate process also requires that notice of your death also be published to any creditors you might have. By preparing the necessary documentation now, you can keep your estate administration as confidential as possible.
# 3 – Avoid Dispute
Not everyone cares about what happens to their assets after their assets when they pass away. Many people, however, at least have some things that they do not want to have happen with their valuables. One undesirable consequence is having your loved ones forever locked out of your digital assets after your death or incapacity. If you do not leave clear instructions about how to access your assets and how they should be divided, your loved ones will be facing an uphill battle when it comes to carrying out your wishes.
# 4 – Providing Resolution
An estate plan provides the last opportunity to communicate a message to your loved ones. As a result, some families are capable of viewing an estate plan as one step in carrying out a deceased person’s wishes. The conclusion of the terms of an estate plan also sometimes represent a substantial step towards closure on the loss of a loved one.
Speak with an Experienced Estate Planning Lawyer
One of the best ways to avoid substantial estate planning complications later on in life is to take adequate steps now to plan for your future. A great first step to take in creating an estate plan is to contact an estate planning attorney. Contact Ettinger Estate Planning today to schedule a free case evaluation.