Estate planning requires you to consider scenarios and questions that many people prefer not to think about, like who should get your belongings after you’re gone. While you might assume that your loved ones understand your final wishes, the only way to ensure they’re carried out is to create an estate plan. Below are a few reasons why preparing for the future is so important for your family members after you pass.

Why Estate Planning Is Integral 

1. Preventing Disputes

When emotions are running high, even close family members might fight over a loved one’s belongings, potentially causing wounds that will never fully heal. Your family will be more likely to accept your decisions if they know they come directly from you, even if they disagree.

2. Deciding Who Receives Your Assets

If you pass away without a will, your belongings will be distributed to your family members according to state law, which doesn’t take into account the relationships that mattered most to you. This means your loved ones may not be able to follow your wishes even if they want to, and your belongings may go to someone you barely know.

3. Giving Those You Trust Legal Authority

If you’re mentally or physically incapacitated, your spouse, business partner, or trusted friend may not have the legal authority to manage your affairs. A comprehensive estate plan should include powers of attorney, which allow you to name someone to act on your behalf.

4. Making Your Own Medical Decisions

Your estate plan should also include a living will, which allows you to make your own decisions about end-of-life care. These documents can be as broad or detailed as you like, granting or denying consent for certain medical procedures, describing acceptable outcomes, and expressing your wishes regarding artificial life support.

Estate planning can be an overwhelming project, which is why clients throughout High Point and Kernersville, NC, turn to Scott Cornelius, CPA, P.C. for trusted insight and advice. This accounting firm prides itself on being large enough to meet all your needs, but small enough to know your name, so you’ll always receive the personal attention that these important matters deserve. Visit their website for an overview of their estate planning services, and follow their Facebook for tips and updates. For an appointment at their High Point office, call (336) 885-5100, or dial (336) 904-0492 to contact their location in Kernersville.