What are the benefits of having an estate plan?
An estate plan is a roadmap you draw for your loved ones to follow. It is a comfort for them during a time of extreme grief and emotional stress. It can help avoid bitter family battles, unnecessary tax liabilities, unnecessary legal proceedings, and costly court and attorney fees. A good estate plan will ensure that your assets are managed, distributed, and disposed of in the manner that you intended after you become incapacitated or die. A comprehensive estate plan lessens the burden that families suffer. Through the creation of certain types of trusts, estate plans can also protect property that you pass on to your heirs from any creditors to whom your beneficiaries owe money. In the absence of a proper estate plan, the job of managing and disposing of your assets, even the custody of your children, passes into the hands of the courts and this can be a lengthy, costly procedure that may produce results that you would find unacceptable.
