While estate planning has many benefits, there some central benefits. These main benefits are:
- Peace of Mind. By making sure your affairs in order you can reset easier at night. You won’t have to worry about putting your children and spouse through the legal maze of probate court.
- Asset Protection. Trusts and Durable Powers of Attorney protect your assets and lead to more peace of mind. You name a successor trustee to manage the assets in the trust in case of your incapacity, illness, or worse. Your agent named in your durable power of attorney is there to manage your financial and legal affairs in case of your incapacity because of accident, illness, or dementia.
- Reduces Potential Conflict. By writing down your wishes, your family can’t argue that you said one thing to one sibling and something else to another. It doesn’t matter what they say, you put it in writing.
- Avoid Probate. Keeping the family out of probate is a major goal of planning for many people. They’ve seen the turmoil and frustration that it causes families. Often the worst part of it is not knowing what to expect. People fear the worst.
- Get Property to Loved Ones Quickly. By avoiding probate, you can get your assets to your spouse and children quickly. Probate in Arkansas takes a minimum of 8 months to complete.
- Protect Privacy. If you don’t have a written plan, your private personal and financial affairs are exposed to the world in probate and guardianship proceedings.
- Avoid Financial Predators. There are companies out there that watch the public records for your financial information. They may try to take advantage of your family.
These are the main benefits of estate planning.
- Disadvantages of Estate Planning
- Importance of Estate Planning
- Purpose of Estate Planning
- What are the Four Important Estate Planning Factors?
- What Factors Should You Consider When Planning Your Estate?
- What is Estate Planning?
- What is the Main Purpose of Estate Planning?
- When Should You do Estate Planning?
- Who Needs an Estate Plan?