There are a lot of things about estate planning that are not exactly “fun.” But as we all know, many things we need in life, while by no means fun, are important—like paying taxes. Regardless, we pay our taxes because it protects us from big consequences. Your estate plan is no different in this respect. You need an estate plan because it’s pure protection.
Protection for and from whom? In short, for: your loved ones, from: uncertainty and the undesirable outcomes that it breeds. But let’s back up for a second. What is estate planning in the first place? It’s more than just drafting a will. It’s the process of determining what happens to your assets after you die. This is where protection comes in. Estate planning ensures your family and loved ones are cared for in accordance with your wishes.
Let’s talk a bit about what you’re protecting against. Probate is a messy subject for a later post. At its core, it is a complex process that adds cost and stress to an already difficult time—the passing of loved ones.
Protection isn’t the only aspect of an estate plan that makes it essential. Ultimately, your estate plan is an investment in your future. Through estate planning, you’ll be building your legacy and ensuring the wellbeing and success of your progeny.
Why do you need an estate plan? Because everyone has an estate, regardless of how much money you have. Even though the term brings to mind mansions and champagne, it really just refers to everything you own: real estate, checking accounts, jewelry, and everything in between.
Your estate plan is a way for you to protect the people you love even though you’re no longer with them. In this way, it’s an invaluable gift to those you’ve left behind to ensure their stability and carry out your last wishes in a meaningful and lasting way.
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