You’ve been putting it off for ages, but it’s time to get your affairs in order. Creating an estate plan may seem tedious, but it’s one of the most important things you can do for yourself and your loved ones. Keep reading to learn all the key reasons you need to prioritize estate planning today.

1. Protect Your Assets

One of the main goals of estate planning is protecting your assets and ensuring they are distributed according to your wishes. This includes bank accounts, investments, retirement funds, real estate, vehicles, and any other property you own. Without clear legal documentation, your assets could be vulnerable during your lifetime and there’s no guarantee they’ll end up where you want after you pass away. An estate plan outlines exactly how to handle your possessions and who inherits what.

2. Avoid Family Disputes

Failing to leave clear instructions can unfortunately lead to bitter conflict between family members. Disputes over inheritance are all too common when a proper will isn’t in place. Your loved ones may end up interpreting your final wishes very differently, resulting in resentment and legal issues. Spare them the drama by detailing exactly who gets what through your estate plan. Leave them with peace of mind rather than resentment.

3. Provide for Your Minor Children

If you have young children, an estate plan is absolutely critical for ensuring their care in the event of your passing. You can designate legal guardians and set up trusts to provide for their finances. Without this guidance, the court will have to get involved and make decisions for your kids that may go against your values and priorities. Give them stability by taking control of your estate plan.

4. Distribute Possessions Thoughtfully

An estate plan also allows you to thoughtfully distribute your personal possessions and sentimental items. You can give certain heirlooms to family or friends you feel will treasure them most. Or, donate certain items to charity. Without clear instructions, squabbles can erupt over who gets what. Carefully designating these possessions in your estate plan helps avoid hurt feelings down the road.

5. Help for Pets

For many people, pets are part of the family. An estate plan lets you set up provisions for their continued care in your absence. You can arrange for a trusted person to become their guardian and leave funds to cover food, medical care, and expenses. Taking the time to plan for your pets will bring you peace of mind knowing they’ll be loved and cared for later on.

6. Reduce the Tax Burden on Your Heirs

We've observed that your beneficiaries can face hefty tax bills on inherited assets without proper estate planning in place. Strategies like trusts can help minimize those taxes, so more of your wealth goes to your heirs rather than the government. An experienced estate planning attorney can provide guidance to reduce the tax implications as much as legally possible.

7. Avoid Probate Court

The probate process can be expensive and can open up your estate to public scrutiny. Proper planning can allow your assets to be transferred outside of probate, keeping details private. Certain trusts also help streamline the process by clearly detailing how assets should be distributed. Avoid putting your loved ones through the hassle and costs of probate.

8. Pick Healthcare Advocates

Unfortunately, we never know when an accident or illness may leave us unable to make our own medical decisions. An estate plan allows you to choose a healthcare power of attorney so someone you trust can make choices on your behalf in such a scenario. Grant them authority on this sensitive but necessary matter through proper legal documents.

9. Designate Your Executor

A key decision in estate planning is choosing the person who will serve as executor of your will. This individual will be responsible for carrying out your wishes and managing all the details when you pass away. This includes locating your will, gathering assets, communicating with beneficiaries, dealing with creditors, filing taxes, and distributing inheritances. Outlining the executor in your estate plan provides them the legal authority to handle your affairs.

According to CNBC, 40% of those with no estate plan don't have one because they simply haven't made the time to make it yet. Don’t let procrastination leave your family’s future uncertain. Make estate planning a priority. The peace of mind will be priceless knowing everything is squared away legally and financially for your loved ones. Schedule an appointment with The Law Offices of Carol Bertsch, PC today to get started.