Whether we like it or not, our lives are finite and will eventually come to an end. However, after we've gone our loved ones will remain, and they'll need to make it through life without us. While we won't be able to physically be there to help them, our assets can help make a difference.
This is the heart of the importance of estate planning. Only through estate planning can we ensure that our assets will make it intact into the hands of our loved ones.
However, this isn't the only benefit of estate planning. Let's review the other benefits to illustrate why estate planning is so important.
Advantages of Estate Planning
1. Establish Your End-of-Life Wishes
Estate planning isn't all about money. In fact, it isn't even all about life after your death. Your estate plan can have an effect on you while you're still alive, particularly at the end of your life.
In your power of attorney for health care, you can establish how you would like to handle details around the end of your life. For instance, if you're dying from cancer, you could have a "do not resuscitate" order to prevent doctors from making any life-saving efforts if they would likely be futile.
You can also specify how you'd like your body to be handled after your death. Whether you wish to be buried or cremated, you can create detailed instructions in your power of attorney for health care.
2. Reduce Administrative Costs
There are many administrative costs associated with the handling of a person's estate. Much of these costs need to be paid on the transfer of assets through the probate process.
While you can't eliminate these costs entirely, you can reduce them by having your estate planned. A probate attorney will be able to create your will in such a way that administrative costs are limited. This will result in more money going to your beneficiaries.
3. Transfer Your Assets to the Proper Beneficiaries
There are a number of laws in place designating the specific beneficiaries of assets. Typically, offspring inherit the estates of parents, and spouses and children split the estates of spouses. In most cases, the only way to modify this is by planning your estate.
When you plan your estate, you can pass your assets down to whomever you choose. Even if you do plan to pass your estate down to your spouse and children, it's wise to have it in writing should any complications occur, and there are ways to lower the costs of passing on your assets.
4. Designate the Potential Guardians of Your Children
While it's tragic, it sometimes happens that parents die before their children are old enough to take care of themselves. When this occurs, the children must be taken under the care of a new guardian.
If your estate is not planned, the guardianship of your children is left up to the courts This situation can be unsettling at best.Create a Will and specify the legal guardian of your children so that they, in the event of tragedy, can lead the most rewarding lives possible.
5. Expedite the Transfer of Your Assets
When a person dies without a Will in place, it takes time for administrators to decide where that person's assets will go. Even if assets do get transferred to the persons you wish , it will often take a great deal of time for them to do so.
Having a Will in place will ensure that your assets are passed to your beneficiaries in a timely manner.
In Need of a Probate Attorney in the Greater O'Hare Area?
Are you interested in discussing the benefits of estate planning? If so, you'll be best served by hiring an experienced probate attorney . We're in Park Ridge, convenient to O'Hare and the nearby suburbs.
Fortunately, you have found that attorney right here with the experts at John J. Pembroke & Associates. Our team has been serving the area for decades, and we know exactly what must be done to properly plan your estate.
Contact us today to schedule an appointment!