Immediate benefits of having an estate plan

March 12, 2013 - Posted by: admin - In category:

taxes - No Responses

Do you lose sleep worrying about things you haven’t done?

Procrastination is a problem for just about everyone.  Our propensity to procrastinate probably plays a perilous role in our power to have peace of mind (hows that for alliteration?).  Being able to “check things off the list” and otherwise stop worrying is such a great blessing! Wise and careful planning can help give you something priceless–peace of mind. “If ye are prepared, ye shall not fear.”

When it comes to planning for the future (both your future and your family’s future), few things will enable you to have peace of mind like knowing that your estate plan is complete and fully operative. Estate planning documents can address the transfer of ownership, disposal and custodial arrangements for your assets at your death, but a proper estate plan also does much to protect you and your property during your life. For example, a good estate plan should include a healthcare directive to ensure that your healthcare wishes will be respected and followed in the event that you are unable to make medical decisions for yourself.  Likewise, a good estate plan will include a durable power of attorney, whereby you can appoint someone to manage your property in the event you become incapacitated or in other specified circumstances.

At the end of the day, we all want to know that our wishes for health care, property distributions, asset protection (if applicable) and related matters will be respected and followed. If these things are in place and properly maintained, we need never lose sleep over such things.  When the storms of life come (and they eventually come to each of us), if we have done what we can to prepare for and protect against such things, we then know that we have done our part and the rest is beyond our control.  Contrast that with facing problems and difficulties which we eventually realize were within our power to prevent (or at least decrease significantly) if we had only put forth effort in earlier times.  Regrets over what we might have or should have done are not fun things.

Estate Planning is something that most of us have on our list of things to do…someday.  We would do well to actually do such things and then we can stop worrying so much.  There is no reason to continue losing sleep over things you can control and fix.

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