Comprehensive estate planning is encouraged for the following reasons:
● Ensuring your wishes are carried out: Don’t leave it up to family members to distribute your assets as you verbally told them. A comprehensive estate plan in which you specify, in writing, exactly how you want your assets distributed and other affairs managed during your lifetime and death, will reduce family arguments and/or hurt feelings that may come up when decisions are being made. And you know that everything will be done according to your intentions.
● Minimizing taxes and expenses: Effective estate planning can help minimize estate taxes and other expenses (such as probate), allowing you to pass more of your wealth on to your loved ones.
● Avoiding probate: Estate planning tools, such as trusts, can help your assets avoid the expensive and time-consuming probate process.
● Protecting your legacy: Estate planning ensures your legacy is protected and your property is passed on to future generations exactly as you intended.