An estate plan is often something that is postponed to the last minute. This is a very common thing to do for reasons many people attribute to as a lack of time or knowledge in estate planning. However, there are several benefits to your family when it comes to finalizing your estate plan that could be lost if an estate plan is not made. A Tennessee family law lawyer can help guide you in the estate planning process. Consulting with an experienced family lawyer can make the overall process easier and may lead to a plan that better benefits your family.
Reasons to Do an Estate Plan
There are several pros and cons of creating an . The cons discussed earlier involve taking time out of your schedule and trying to navigate through the technical or legal aspects. However, there are more pros than cons when it comes to estate planning.
First, an estate plan is designed to make legal decisions for you after you have passed away or have become
incapacitated. This incapacitation can be physical, mental, or both. Having an outline for your wishes in case these circumstances do happen to you could potentially protect you and your family from future hardship.
Second, the things an estate plan can do for you vary widely. An estate plan can decide which family members will receive your property and monetary assets. A guardian can be chosen if you are raising children under the age of 18 who would need to be taken care of. The power of attorney can be decided along with your decision on life support if you become incapacitated.
Expenses of your funeral can be predetermined to save your family money or plan a specific type of funeral. You can mandate that your family receives the maximum amount of monetary assets by law to avoid your family losing financial assets from taxing. If you run a business, your estate plan can specify what you want your business to do.
How to Do an Estate Plan
When , you want to ask yourself the basic question of what you would want to happen if you were going to die soon. This involves figuring out who should receive your financial assets, who will care for the children or elderly, whether a trust fund should be established, what should happen with your business, and what taxes or costs will be set to a minimum amount to save your family money.
You will want to write all of this information down into a coherent document with your full name printed and signed at the bottom. If you have questions about wording or legal issues, an experienced attorney can guide you.