Estate planning might not be a favorite topic, but it's essential. It involves making a plan for w
hat happens to your health and money if you can't make decisions. This includes creating important documents like a will, trust, and powers of attorney.
Here are three important benefits of having an estate plan:
Taking Care of You When You Can't: As we age, health issues can arise. Conditions like Alzheimer's affect millions. Having a plan in place ensures that someone you trust can make decisions for you if you can't.
Ensuring Your Wishes are Followed: Without a plan, state laws dictate what happens to your assets. Your desires might not align with these laws. Updating your plan regularly is crucial, especially if your life circumstances change.
Avoiding Probate Hassles: Probate is a process where a will is recognized and assets are distributed. It's a public record, accessible by anyone. Setting up a trust can bypass this, providing privacy and potentially saving time and fees.
If you already have a plan, remember to review and update your estate plan regularly, ideally every three years. Life changes, and so do laws. This way, you can ensure your plan always reflects your wishes.