If you're like most people, you love engaging in fun activities like going for a vacation, driving in luxury cars, or eating in unique restaurants. While these things can spice your life, planning how your assets will be distributed when you die is essential because you don't know when you'll become sick or get involved in an accident. Fortunately, estate planning isn't only reserved for the wealthy. Even if you don't have a mansion, sentimental items to pass on, or a large IRA, it can protect your family and assets. You should work with a lawyer while creating this document if you want it to be legal and binding. Here are three ways estate planning can save you from legal headaches:
Enabling Your Kids to Have a Guardian When You Die
If you and your spouse die unexpectedly through a car crash or other accident, your kids will be left without a custodian. This can be devastating to them because they'll not have someone to pick them up from school, provide for their needs, or ensure their interests are met. A lawyer can help you establish a plan that will clearly outline who your kid's custodian will be if you die. This will save them from worries and enable them to continue with their life.
Making It Easy to Survive Incapacity
An estate plan doesn't only become helpful when somebody dies. It can also help when you become incapacitated by an illness like a stroke or accident that makes it challenging to manage your property and finances. If such an unfortunate event happens, you'll need someone to manage your condition and pay your expenses. A lawyer can ensure that you delegate a power of attorney to one of your family members who will make healthcare and financial decisions on your behalf when you're bedridden. This individual will also ensure that your property is managed according to your wishes.
Dividing Assets
It's vital to ensure that your property is delegated according to your desires. Without documentation showing how this should be done, your state may come in to perform this duty when you're gone, leading to disputes. A lawyer can create a plan explaining how your property should be distributed, eliminating guesswork and ensuring all the items are given to the rightful beneficiaries. They can also update your plan in case there are changes.
An estate plan can save you from several hassles and give your family peace of mind when it comes time to divide the property. If you want this document to be crafted according to the law, you should work with a lawyer.
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