5 Advantages of Starting Your Estate Plan

Many people assume only wealthy people need to do estate planning, but it’s a smart move for anyone. Estate planning is essential for ensuring the distribution of assets according to your wishes. It’s not just about preparing for the end of your life; it’s about creating a plan that will make things easier for your loved ones if something unexpected happens to you. We’ll share five advantages of starting your estate plan now and explain how taking this step can positively impact your family’s future.

Protecting Your Family’s Future

First, creating an estate plan allows you to protect your family’s future by distributing your assets to your loved ones according to your wishes. Without a plan, your loved ones will be left to navigate the legal system and probate court, which can be emotionally and financially draining. Determine ownership of your possessions now so that you can save your family time, money, and stress upon your passing.

Avoiding Probate

Probate court is a time-consuming and expensive process, but it’s a necessary battle if you don’t make your wishes known before your passing. Like any branch of the legal system, an outside party must assess your property, speak with each potential inheritor, and come to a fair decision as to who gets what. However, grieving loved ones often lack the energy to petition for their share. An estate plan allows you to distribute your assets quickly and efficiently without the need for probate court.

Minimizing Estate Taxes

Another advantage of starting your estate plan now is that it allows you to minimize your estate taxes. Every item and dollar you give to your loved ones is subject to taxation, which can quickly add up if you aren’t careful. By creating a plan, you can reduce your estate taxes and ensure more of your assets go to your loved ones.

Choosing Guardians for Your Children

If your children are minors, appointing guardians is one of the most important things you can do in your estate plan. This is especially true if something were to happen to you and your spouse. Without a plan, the court will appoint a guardian, and the decision may not be in line with your wishes.

Gaining Peace of Mind

Creating an estate plan can give you peace of mind knowing that your loved ones have what they need after your passing. No one wants to think about their own mortality, but establishing a plan can provide some reassurance that everything will work out for the people you care about.

Estate planning is an important process that you should never overlook. If you haven’t started your estate plan, we encourage you to contact Vancouver Wills and Trusts today to schedule a consultation. Our caring estate planning lawyers are here to simplify the process and carry out your final wishes.