Who Benefits From Estate Planning

If you’ve avoided estate planning because you think it’s a doomsday scenario, think again. Estate planning is a gift you give yourself and others. Many people benefit from your forward-thinking planning.

How Your Minor Children Benefit

Raising children is a huge responsibility. It’s imperative that you provide for them up until the time that they can provide for themselves. If your children are very young when you start the process, you will want to consult an estate planning lawyer Hernando County FL to make sure their future is secure. This can include naming guardians, setting aside money for school and possibly setting up a small account to help ease their transition to adulthood without you there to help.

How Your Imprudent Relations Benefit

With older children or other relatives who have not proven that they can handle money well, estate planning can help you set up an account for them with a third party as the money manager. This will ensure that they are provided for in a way that will not allow them to blow through their inheritance all at once.

How Your Relatives With Disabilities Benefit

Caring for a disabled child or sibling is a lifetime commitment. Even those who receive government help might experience a disruption of services if you, as their guardian or money manager, pass away. Create a small trust specifically for keeping all their necessary care at a steady level.

How Your Adult Relatives Benefit

Nothing brings out the worst in relatives like the potential for inherited money. The best thing you can do for them is to plan in detail how you want your monetary assets divided. Don’t forget to include family antiques, photo albums and other sentimental items. If everyone is clear about what they will receive from your estate, the process will go much smoother.

How Your Business Partners Benefit

If you own or partially own a business, consider how you want your share handled in the event of your death. Discuss the details frankly with your partners and decide on a plan for everyone involved so that there are no surprises. Do you have a child interested in running the business or is it simpler to have your shares immediately sold to your partners? An estate lawyer can help you draw up the necessary legal papers.

How You Benefit

In case you get ill, decide who you want to manage your health care decision and your money if you become incapacitated. Knowing that everything is taken care of now should help you rest easy later.

Estate planning is more than just about dividing up your assets. It also includes creating peace of mind for yourself and those left behind.