Many people spend their time enjoying life instead of drafting estate planning documents. However, having a plan in place ensures your wishes will be protected in some of life’s most important moments. Here are some of the ways being proactive will help you in the long term. 

What Are the Benefits of Estate Planning?

1. Mitigate Contentious Disputes 

If you create a detailed estate plan that lays out all your wishes in legally binding and unambiguous terms, surviving loved ones will have a clear understanding of how to distribute your property. It also spares your survivors the hassle of trying to figure out what you might want people to have, which can lead to misunderstandings or disagreements. Leaving clear instructions for distributing your property decreases the likelihood of conflict or a drawn-out court process. 

2. Protect Loved Ones 

A comprehensive estate plan lets you establish guardianship for your minor children and ensure the care of any pets that happen to outlive you. Depending on the arrangements you make, it may also be possible to minimize your beneficiaries’ tax burden, so they have the resources they need to provide for themselves. You can also use other financial tools, such as trusts, to protect your wealth and pass it on to others later. 

3. Relieve Potential Burdens 

If you include a living will in your estate plan, your family won’t have to wonder what kind of medical intervention you want if you ever become incapacitated. In this document, you can state your wishes regarding life-and -prolonging measures. Coupled with a medical power of attorney, which will grant someone the authority to make decisions that aren’t addressed, a living will can relieve a heavy burden on loved ones in a challenging situation. 

For help making your estate planning arrangements, turn to Castles Family Law. Serving clients throughout Nashville and Franklin, TN, this firm assists with wills, conservatorships, and probate proceedings. Their commitment to returning all phone calls within 48 hours is just one aspect of their customer service that puts them in a league of their own. To request a consultation, reach out on their website or call (615) 804-6086.