Why Should I Have an Estate Plan?

Benefits of Planning For Your Future

Many people take comfort in thinking ahead and planning for their future. Regardless of whether those plans are significant or small day-to-day tasks, planning ahead can be incredibly beneficial. An often overlooked way to plan for your future is to prepare an estate plan. Below you’ll find several reasons why estate planning may provide peace of mind now and be advantageous for you in the future.

Estate Plans Take Care of Loved Ones After One's Passing

Estate planning involves creating a plan to preserve and distribute your assets after death. Without an estate plan, your loved ones may not be able to inherit your property or may even have to pay taxes on it. Additionally, an estate plan can also help ensure that your minor children are secure after your passing.

While it’s certainly not a pleasurable topic to think about, estate planning is an important way to protect yourself and your loved ones following a death. Everyone's lifestyles and circumstances are different, so there is no one-size-fits-all approach to estate planning. There are, however, a few key considerations that everyone should address in their plan, such as who will manage your affairs and how your property will be divided.

Creating an estate plan now can provide the serenity of knowing that those you love most will be protected and secure, even after you’ve passed. For more information about trusts and wills or essential components of estate planning, check out the December 2021 and February 2022 blog posts on our website.

Estate Plans Reduce Stress on Loved Ones

An estate plan may also help to minimize stress and conflict among your heirs, as it provides clear instructions for distributing your assets. Furthermore, an estate plan can protect your loved ones from creditors or other predators who may try to take advantage of them during grief.

Estate Plans Save Money on Taxes

Many people believe that estate planning is only for the wealthy, but that is not true. Everyone can benefit from having an estate plan in order. An estate plan not only helps you protect your assets and ensure that they are distributed according to your wishes, but it can also help you to save money on taxes. By carefully structuring your estate, it is possible to minimize the taxes your beneficiaries will have to pay.

Additionally, an estate plan can protect your assets from creditors and lawsuits. Without a plan, your assets could be seized by creditors or divided up in a way that you never intended. However, with a well-crafted estate plan, you can have peace of mind knowing that your assets will be protected and that your wishes will be carried out.

How Can I Create an Estate Plan?

You can create your own estate plan using online resources or software or work with an attorney to create a custom plan that meets your needs; however, there are always serious risks with utilizing generic online software and not consulting with an attorney.

An attorney can ensure that your plan is valid and complete. Moreover, an attorney can assist in preparing creative plans which will meet your personal needs and provide comfort in knowing that your wishes will be fulfilled following your passing. Working with an attorney is the best option if you have a complex financial situation, a large estate, or would like the peace of mind that comes with legal expertise. The right attorney can help you craft your estate plan to not only include elements such as a last will and testament, a durable power of attorney, healthcare power of attorney, or a living will but also to ensure that all terms are included to meet the needs of both you and your family.

Work with a Cleveland Estate Planning Attorney

No matter which approach you choose to pursue, getting started on your estate plan sooner rather than later is important. The future may be uncertain, but you can feel more prepared knowing that your assets are protected and loved ones will be taken care of according to your wishes.

At Laubacher & Co., our team is prepared to help you create an estate plan that meets your needs and protects your family's best interests. Learn more about how we can meet your estate planning needs or schedule a consultation by calling (440) 336-8687 or visiting our website.