If you have any major assets then estate planning should play a major part in your life, especially as you get older. If you die intestate – without a will – your assets will not go to your loved ones in the way you want. In fact, there might be very little left of your estate by the time it is released by the government.
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There are many reasons why estate planning is important, and why using a professional estate planner will benefit you and your heirs. No one knows what the future holds for them. We may hope to will live to a ripe old age, but even so, the end will eventually come. And it is increasingly likely that accident or disease will have a hand in an earlier release from this life. While few people like to think about it, wiser ones work to get everything in hand so that their loved ones are less traumatised by their passing and their assets are safely distributed the way they have chosen.
You can give someone power of attorney
But estate planning is not just about death and the distribution of assets. What if you were to have a stroke or an accident bad enough to prevent you administering your estate or even telling anyone else how to do it? You need to set in place the person you would want and trust to make sure your decisions were honoured; someone you trust to write the cheques and pay the bills. Once you give them power of attorney they will have the legal right to look after all your affairs.
Good estate planning can ensure that your assets are divided up with the least loss. You may even find that dividing up your estate before you die saves the family a great deal in costs and other payments. Only an estate planner can help you with this, since each case in unique. Once you get professional help and advice you will find peace of mind knowing your estate will go to whomever you decide should have it.
Prevent family squabbles
Estate squabbles amongst the family can go on for many years and cause the family to split up and remain bitter towards each other for the rest of their life. Good estate planning can avoid this and ensure that all family members are treated fairly. Even if you have favourites, your will must be followed, simply because it is your legal will. That is, if you had it drawn up and signed properly it is legal.
Even if your legal will is contested, there will be a better chance of a good outcome, simply because it has been drawn up properly.