The unexpected can occur anytime, and protecting your family is vital. Thinking about the future can be a scary thought, but it's important for protecting family assets. You might wonder if estate planning is essential and how it's beneficial. Read this guide on why it's crucial and how an estate planning lawyer can help.
Protects Beneficiaries
Estate planning helps secure your assets and distribute them according to your wishes in case of death or mental incapacity (such as dementia or coma). It allows your heirs to inherit the assets you designate. A lawyer can advise you on various tools, such as:
Life Insurance: Provides a death benefit directly to your chosen beneficiary, which can help cover expenses like mortgages, final costs, or education.
Beneficiaries on Accounts: Designating beneficiaries for financial accounts (taxable investments, retirement plans, savings) ensures those funds go directly to them upon your passing.
Simplify the Process
Creating an estate plan can simplify the process for your family. Having a clear plan minimizes conflict and emotional strain during a difficult time. Without a will, your assets might not go to your intended beneficiary, especially if you have a long-term partner but aren't married. By writing down how you'd like your assets handled, you can ensure everyone you care about is taken care of.
Protects Young Children
An estate plan protects your children's well-being. It allows you to name legal guardians who will care for them if you or their other parent passes away. This is crucial because children under 18 cannot legally care for themselves. Without a designated guardian in your estate plan, the court will decide who raises your children, which may not be your preference.
It's Not just a Will
Estate plans go beyond just wills, which primarily focus on asset distribution. Estate planning encompasses a wider range of preparations to ensure your wishes are met in case of death or incapacity. This can include medical directives, such as a living will or health care proxy, which specify your preferences for medical treatment. You can also designate someone you trust as your durable power of attorney to make financial or medical decisions for you if you're unable to do so yourself.
Estate Planning and How It Protects the Future
This guide breaks down why estate planning is so vital. Working with an estate planning lawyer is important to help you protect your assets and beneficiaries. Our dependable and supportive team is always on your side and eager to help you, whatever your needs may be. We understand that every matter is different, and we are willing and able to provide flexible solutions to meet your individual needs, whether you need a family lawyer, real estate lawyer, mediator, or notary in Sudbury. If you're ready to get started, then contact Brunet-McFadden Professional Corporation today. We'll come up with a plan customized to your needs.
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