For years, estate planning has been plagued by the perception that it’s only for the rich. As plenty of news stories show, even the rich and famous often neglect their estate planning at the risk of their loved ones.
But smart future-focused people know that estate planning goes far beyond just protecting the assets of the wealthy. Estate planning accomplishes goals that affect you during your lifetime, too, especially as it relates to disability and incapacity planning.
Some of the other things you can accomplish with estate planning include:
- Protecting those who depend on you financially
- Naming a guardian for your minor children
- Naming the loved ones and organizations you want to support with your assets when you pass away
- Avoid probate to make things easier for your family
- Minimize your estate’s exposure to taxes
- Appoint a trustee and executor
- Document the kind of care you’d like to receive when you need support, including whether or not you want medical care that prolongs your life
- Express your wishes about any funeral or memorial arrangements
All of these are important considerations that allow you to exercise some level of control over the management of your affairs. Making things easier for you and for your family members allows for more peace and grieving if something does happen, but it also gives you confidence that if you become disabled or unable to care for yourself that you have documented the kind of care you want to receive.