Your estate plan is more than just a Last Will and Testament. Yes, distributing your money and other property when you pass away is part of it, but not everything that a plan is. All adults would benefit from an estate plan. It allows adults to plan and prepare for eventualities like medical issues, dementia, and taking care of spouse and children.
Some of the reasons for estate planning are:
- Minimizing taxes to maximize what your family gets
- Making sure your healthcare wishes are known and how your affairs are managed in case of a medical incident, accident, dementia, or illness
- Naming a guardian for minor children
- Preventing family fights over you, your affairs, and your stuff
- Giving your loved ones peace of mind that your affairs are in order and they will be taken care of
- Giving yourself peace of mind that your legal “stuff” will be handled by who you want like you want