The end of the holiday season is drawing near. With that comes the first days of 2016 and the standard New Year’s resolutions that people make to begin the year strong. Some pledge to lose weight, others promise to stay in contact with loved ones. Other people may diligently plan for a career change.
Among resolutions, it is not common for people to promise to create estate plans or to update them. After all, planning for one’s passing can be a morbid proposition; and who wants to do that when the beginning of the year is supposed to be festive and filled with promise. Nevertheless, estate planning is an important step that can help you in the new year and beyond. This post will highlight a few reasons why.
Saving money – You may not have thought about it, but consider how much going through probate may cost in addition to the potential legal battles over your estate. Also, some estate planning strategies can lower your tax burden and save you money in that regard.
Alleviating confusion – Part of the emotional strife that comes with dealing with a loved one’s passing is that family members may not know what to do with jointly owned property or assets that they did not know existed until after the person’s death. As such, an estate plan can help alleviate confusion among family members during a time of need.
Passing a legacy – Of course, you want to have peace of mind that your values and traditions will be passed on to future generations. Having a detailed estate plan is an important part of that process.