If you don’t have an estate plan, a recent article suggests that one of your 2014 resolutions should be to create one. Everybody, without exception, can benefit from the creation of an estate plan. The article discusses several of the many benefits that an estate plan can provide, such as:
- An estate plan gives the creator peace of mind that his or her wishes will be carried out upon his or her death, and his or her family and loved ones will be taken care of;
- An estate plan reduces the chances of a family feud or legal battle ensuing after the individual’s death;
- An estate plan can be designed to reward heirs for taking part in positive activities such as college, and can protect heirs from spending their inheritances irresponsibly;
- An estate plan can be designed to reduce or eliminate tax liability and probate fees;
- An estate plan can protect any inherited assets from creditors, lawsuits, and divorce; and
- An estate plan allows you to maintain some control of your medical, legal, and financial affairs during incapacity by selecting the person or persons you would like to make these decisions for you, as well as indicating how you would like those decisions to be made.