There are many misconceptions in circulation about estate planning. People can be put off of the subject over the perception that it is morbid. Younger people commonly think that they don’t need to think about it yet. Even a significant number of individuals over the age of 50 haven’t addressed their estate plans.
Of course, a large part of estate planning is centered around distributing inheritance to your loved ones, but there is so much more to it than that. Estate planning can also help you in the following ways.
Looking after your dependents
You have young children and they are your top priority. You have concerns about who will look after them should something ever happen to you. There are people close to you who would be happy to look after your kids should you become incapacitated.
Without a will or other estate planning documents, it will be up to the court to make decisions on this matter, and they may not come to the conclusions that you had hoped for. By providing written instructions in your will, you can ensure that your children fall under the care of a suitable guardian, as chosen by you.
Leaving behind a charitable legacy
Over the years, you’ve been assisted by charities that are now close to your heart. You wouldn’t have made it to where you are today without them. During your lifetime, you’ve given as much back to these charities as possible in terms of time and donations.
This is something that you want to be a part of your legacy long after you have gone. Through estate planning instruments like trusts, you can ensure that your tradition of charitable giving lives on for many years.
Estate planning can be daunting but it becomes much less intimidating when you have legal guidance behind you. Talking to someone who is well-versed in this area will give you a much clearer idea of your options.