The Top Benefits an Estate Plan Provides
The main advantage of estate planning is to ensure your final wishes are executed upon your death. Without an estate plan in place, your estate will not be protected from Oklahoma’s intestate succession laws and your family may lose the right to inherit your property and other important assets. Estate planning is a sure way to stop this from happening and sets your family and loved ones up for financial success after you are gone. We have compiled a list of estate planning benefits below.
Maintain Control Over What Is Important
It is never easy to think about death and the necessary preparations you must make to ensure your affairs are in order when that day comes, however; estate planning gives some peace of mind. One of the main advantages of estate planning is that you get to maintain control over what happens to you, your health, and your property as you reach death and after. An estate plan includes more information than how to divide your property appropriately. It also entails the following:
- Powers of attorney
- Medical powers of attorney
- Health care proxies
These legal documents allow you to plan for your future healthcare needs in the event you become incapacitated. If you want more control over what happens to your health in an incident like this, establishing an estate plan will give you that peace of mind.
Protect Your Family & Loved Ones
You will want to plan ahead in case you and your spouse die or become incapacitated. Leaving the affairs of your estate behind without a plan adds unneeded stress and concern to the loved ones in your life as they mourn your passing or incapacitation. Estate planning achieves more than just protecting your family and loved ones’ financial future. It also sets them up in a positive head space mentally and emotionally knowing they can finalize your affairs in a manner you approved.
Another important aspect of estate planning is to determine who will be granted physical custody of your child(ren) after your death. This decision will impact your child and family for life and should not be left up to the court system to decide.
Reduces Legal Costs & Fees
You can avoid the cost of probate, which includes court costs, legal fees, and attorney fees, by establishing an estate plan. As your heirs will have to pay estate taxes, you can also discuss ways for you and your attorney to grant gifts to lower the amount of fees your loved ones may have to face. An estate planning attorney can discuss the potential of a trust with you as well as they help protect assets and eliminate estate taxes.
Make Specific Bequests
If you have a list of specific bequests about what you would like to happen to certain items you own in the event of your death or your incapacitation, you can include this in an estate plan. A bequest might include how you would like items such as vehicles, artwork, collectibles, clothes, and/or family heirlooms to be divided or taken care of when you have passed. For example, if you have a garage full of luxurious vehicles, knowing your prized car collection will be inherited by a car afficionado in the family who will take excellent care of them will bring you comfort.
Ensure Your Business Keeps Going After Your Death
This is especially true if you run a small business and are very much involved in the day-to-day operations. Without an estate plan, your business could close, which could lead to unnecessary stress and financial hardship for you and your family. If your business supports them, it would be beneficial to include who will inherit your business and what he/she needs to know about running the business in the event you die/become incapacitated. This transition is crucial if you want to set your family up for success after you are gone.
Everyone benefits from an estate plan. To learn more about our estate planning services, contact us online today or call our office at (405) 294-1511.