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Estate planning is often overlooked by people from all income brackets. However, estate planning is something that should be treated with more care and consideration than many give it. By failing to plan for the future, individuals plan to fail upon their passing.
What is Estate Planning?
Estate planning is simply the management and distribution of a person’s assets and estate after his or her death. Estate planning helps to lower taxes for the loved ones receiving money or property in a will.
While many believe that estate planning is just for the wealthy, that is just not true. Estate planning is a way for all people to ensure that their property and assets are properly dispersed after they pass away.
A Living Will
Estate planning allows for individuals to have certain documents in place and ready in case of death. In addition, these documents can be organized to provide guidance in the case of some unforeseen circumstance. For example, you could have a living will prepared that outlines your healthcare in case you are unable to communicate your desires. By having documentation prepared prior to an unforeseen circumstance, you can reduce the emotional strain and uncertainty that friends and family members may feel later on.
Ease Strain on Families
Having a plan in place not only helps the emotional strain on a family, but it also prevents families from fighting, or at least, that is the idea. An estate plan can set out the financial responsibilities of family members and the money necessary to pay for a person’s end of life care. The amount of money it takes to pay for this medical attention can be high, and having it set out in an estate plan can benefit everyone. When this economic burden is lifted off of family members, it can make life and relationships easier for everyone.
Why Do Some People Not Plan for the Future?
While it may sound like a silly question, millions of Americans do not plan for the futures of their children and grandchildren once they have passed. To many, it is a morbid topic, and one that they would like to ignore. In some circles, the very idea of estate planning and death brings on negativity and bad feelings.
In 2015, USA Today reported that 64% of Americans did not have a will in place. Alarmingly, 15% of the people polled said they did not need a will at all. The truth is that everyone should make a plan for the future, if not for themselves, then for the ones who love them who they will leave behind.
Lulich Attorneys & Consultants
If you or a loved are considering creating an estate plan, Lulich Attorneys & Consultants can help. Visit our page on estate planning to see how we can help you. Lulich Attorneys & Consultants can help you with all your estate planning needs. Contact us today.