Most will find it morbid to plan for their death, and almost all believe that their decedents will peacefully divide their estate in an orderly fashion; the reality is usually something entirely different. For example, without the presence of a parent, siblings will often argue over the most petty of matters. One property of the Estate may be worth a bit more than another or two family members may both want to one day receive their father’s favorite hunting rifle. These things can become a bone of contention in the aftermath of losing a loved one. Siblings who live in the same city as the passing parent and have more contact with them may feel slighted if they do not get a bigger share of the persons Estate. Bottom line: without proper estate planning, you leave everything to chance and the courts your decedents will invariably turn to for relief.
A written estate plan affords the following, among other, benefits:
1. Lifts the burden off the loved ones.
2. Outlines your decision as to guardianship of children.
3. Divides your assets in the way you want.
4. Arranges for payment of debts, including making funeral arrangements.
5. Eliminates (or minimizes) decision-making through the court system.
6. Provides you peace of mind.
Estate planning can be as simple as a short Last Will and Testament where you overtly express your wishes or as specifically detailed as you would like. Should you change your mind in the future, you can always write a new will and revoke any previous will. After all throughout life, a marriage can end in divorce, children can be born, and businesses can start and fail. Through proper estate planning you can account for all eventualities.