This removes any conflicting ideas that family members may have about your last wishes that may be a major point of contention among those who loved you most.įurther, certain types of accounts can be established so as to automatically transfer ownership to the designated heir upon your death. Leaving a will, living trust, or irrevocable trust, allows you to provide direction to your family when you aren’t there. It’s no secret that money can cause heirs of your estate to become greedy at worst, and misdirected at best. When you correctly plan an estate, you choose which assets go where, how much is paid to whom, and effectively remove much of the “guesswork” that goes along with dealing with the death of a loved one. With 1 in 4 Americans seeing estate planning as a greater need due to inflation, it's no surprise that planning for the future will help your family feel safer amidst economic uncertainty.Ĭonsidering the matter from a tax perspective, making strategic decisions now will help those who matter most have more financial support when they need it most. Loved ones may not know how to decide on the type of care you want without your wishes formally laid out in a medical power of attorney, for example.Įven from a financial perspective, creating a comprehensive estate plan remains an act of empathy for your loved ones. Drafting a will, for example, allows you to ensure your family will retain assets from your estate as per your wishes–not according to the intestacy laws of California.įrom a different angle, not having a plan in place for helping those to make decisions and care for you when you are incapacitated may cause immense confusion and grief. One of the pillars of successful estate planning isn’t related to taxes, financials, or legal strategies: it is simply taking care of those you love. In addition to ensuring financial security and wealth distribution for your loved ones, estate planning offers two key benefits: ensuring your family is taken care of and mitigating family disputes.
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