In the past, people assumed that only the super-wealthy needed to create estate plans. Today, that fact has been disproven, as estate plans provide a litany of benefits to everyone regardless of their social standing. California residents who remain on the fence about the benefits of estate planning should consider these three benefits provided by estate plans.
Medical directives
One of the most important aspects of estate planning involves written medical directives. While no one wants to consider the possibility of becoming incapacitated and unable to make their own medical decisions, tragedies happen every day. Providing written directions for your own medical care and naming someone as a medical power of attorney are great reasons for creating an estate plan.
Avoiding probate
Even if you are not a “wealthy” person, you likely have some possessions and assets that you want to leave to certain people. Unfortunately, the probate process often takes months or even years to complete. When you have an official, legally binding will in place, you can ensure that your loved ones receive the things that you want to leave them upon your passing.
Making things easier
When many people think about estate planning, they immediately think about making a will. While that’s certainly an important part of the equation, an estate plan goes far beyond a last will and testament. Your estate plan should also include deeds to real estate that you own, insurance policy information and more. Putting all these documents in one place makes things much easier for your loved ones.
Estate planning sometimes makes people uncomfortable because it forces them to consider their own mortality. However, estate planning is not only the right option for your personal desires, but it also helps put your family in a better position after your passing.
