Estate planning is the process of predicting and preparing for the administration and distribution of a person’s estate throughout his or her lifetime, in the event the person becomes incapable, and after death. The bequest of assets to heirs is included in the planning, as is the minimization of gift, estate, generation skipping transfer, and taxes. Estate planning include preparing for incapacity as well as reducing or eliminating issues in probate administration and maximising the value of the estate by lowering taxes and other expenditures
1) Take care of your close relatives: Your estate plan will give sufficient funds for your surviving spouse to continue caring for the family. If you and your spouse both die, an estate plan will identify guardians to care for your children.
2) Ensure that property is distributed to the appropriate beneficiaries: Your estate plan will specify where your assets will be distributed in the case of your death. This removes the need for the courts to resolve any issues or generate family strife.
3) Reduce your costs and taxes: When you make an estate plan, you should be able to limit the expense of transferring any property to your designated heirs to a minimal.
4) Lower your family’s burdens: When you are mourning, it can be tough to arrange a funeral for a loved one. You can express your intentions for funeral preparations and even put aside cash for them while working on your estate plan. This relieves some of the strain on your family at this trying time.
5) Help out a good cause: If you are deeply committed to a local cause or local charity, an estate plan can enable you to continue to help them after your death.
6) Prepare for any type of disability: Life is unpredictably unexpected. In the event that you become mentally or physically incapacitated, an estate plan will detail your life wishes as well as who will make medical choices on your behalf.
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