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Milwaukee Family And Elder Law Attorneys

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What are the benefits of estate planning?

On Behalf of | Sep 15, 2021 | Estate Planning |

Everyone should have an estate plan and would-be estate planners should be familiar with the benefits of setting up an estate plan. A complete estate plan provides comprehensive protections for the estate planner to secure the future of their loved ones and ensure they are protected which is why they should know the benefits of an estate plan.

Benefits of an estate plan and what an estate plan can do

There are many upsides to having an estate plan including:

  • Identify family members and other loved ones that the estate planner wishes to receive their property
  • Ensure the estate planner’s property will be transferred to those they have identified as quickly and smoothly as possible
  • Minimize the amount of taxes that will need to be paid for the estate planner’s property to pass to those they have designated to receive it in their estate plan
  • Avoid the time and costs associated with the probate process by using estate planning tools that can help avoid the probate process such as trusts or payable on death accounts
  • Specify the kinds of medical care and treatment, including life-prolonging medical care or resuscitative measures, the estate planner wishes to receive in case they are unable to make their wishes known when the time comes
  • Specify funeral arrangements and how funeral expenses should be paid

Regardless of the estate planner’s age or the complexity or size of their estate, they can benefit from having an estate plan that cover the distribution of their property to those they designate and their wishes in the event they become incapacitated.

It can also help designate a personal representative or a guardian for the estate planner’s children. Having a sound estate plan in place can help the estate planner rest easy which makes understanding the benefits of having one worthwhile.