Estate planning is one of the most important processes you can go through to protect and secure your family’s future.
And despite a commonly held belief, estate planning is a necessity for everyone, not just the wealthy. Everyone has estate assets. Think less in terms of mansions and yachts, and more in terms of bank accounts, jewelry, vehicles, retirement accounts, and even tools and technological equipment.
NC Planning works with families to ensure their legacy is secured and passed on to their loved ones in the most seamless – and beneficial – way possible, creating peace of mind for the future.
Here we take you through the top 5 reasons why you should create an estate plan – and some challenges your family might face if you don’t.
1. Protect and Secure Your Family’s Future
Who among us doesn’t want to protect their family and loved ones – whether that means installing a home alarm system, researching the safest car available, or setting up a strategic plan so that they are well taken care of in the years ahead?
With an estate plan, you ensure your wishes will be honored, your assets will be distributed properly, your affairs will be well-managed, and your loved ones will be provided with both the support and guidance they need during a difficult time – and for years to come.
2. Avoid Probate
Probate. The word alone can incite feelings of dread, but–with an estate plan in place–it doesn’t have to. Probate is a legal process by which a will is validated, debts are settled, and assets are distributed after your passing. It can also be time-consuming and expensive. And while a will can establish what you want to happen with your assets in the event of your death, this document alone does not mean your loved ones will bypass probate.
Estate planning by a qualified and experienced attorney can help you and your loved ones mitigate risk, enhance privacy, expedite distributions, and protect assets, all while either minimizing probate or eliminating the need for it altogether.
3. Reduce Conflict and Create Clarity
Even the closest families can experience friction and confusion when faced with the passing of a loved one – especially if there have been no transparent instructions left behind. A clear and well-communicated estate plan can help reduce the chances of arguments and disagreements between loved ones after you’re gone.
By removing the guesswork and questions, an estate plan can provide not only the guidance your family will need but also the freedom to focus on healing and moving forward together, as a family. {For tips on some best practices for setting up beneficiary designations, which is a critical component of estate planning, read this article.}
4. Mitigate Against Incapacitation
Nobody wants to imagine a time in which they might be unable to care for themselves or for their loved ones, but some events are beyond our control. What we can control is how to prepare for “worst-case scenarios” so that our families are protected.
In times of uncertainty, it’s paramount to have a plan in place so your family can access everything they might need like bank accounts, insurance documents, and your healthcare wishes. An estate plan can designate someone you trust to make financial and medical decisions on your behalf, easing the burden and likely disorientation of your loved ones. {Check out this helpful article for details on the common agents that serve under an estate plan and what they all do.}
5. Gain Peace of Mind
Although last on our list, this is one of the most important aspects of creating an estate plan. With a well-executed, thoughtful, and comprehensive estate plan in place, you have the reassurance and confidence that your loved ones will be protected and taken care of after you are gone. Furthermore, your family has the peace of mind that they will be safe and sound thanks to your foresight and thoughtfulness.
At NC Planning, we work with you to create an estate plan that is right for you and your family. And even better, we take a proactive and evolutionary approach to estate planning. We do not believe that the ‘one-and-done’ method of estate planning is in the best interest of our clients. That’s why we maintain an ongoing relationship, touching base and guiding our clients on how to best modify their estate plans as their lives change and evolve over time. Life is not static, so an estate plan shouldn’t be, either.
There are a number of reasons why an estate plan might need to be updated or revised. A few common reasons are marriages, divorces, the birth of children or grandchildren, or changes in financial circumstances.
Ultimately, your loved ones need you to create an estate plan so that their lives and futures are made easier and more secure. And NC Planning is here to help, every step of the way.
There is no better time than the present to plan for the future. Estate planning truly is for everyone and with NC Planning, you will get a comprehensive, custom, complete estate plan that covers all of your bases, and evolves with you, over time.
Click here to schedule a call with someone on our team. We’d love to help you get started.
