1. Your Family Will Thank You for Looking Ahead
Estate planning conversations are not always comfortable. When you’re baking Christmas shortbreads, wrapping gifts, and decorating the tree, the last thing you feel like talking about is end-of-life planning and who should take care of the kids if something happens to you.
However, family get-togethers represent an opportune time because you can have face-to-face conversations, address their questions and concerns, and rest assured that they understand and support your wishes.
Perhaps the best way to understand the importance of an estate plan is to consider the alternative. For example:.
- If you pass away without a will, your property will be distributed according to your local laws of intestate succession. In most cases, this means that your spouse gets a certain percentage and the rest is divided among your children. If you’re unmarried, the outcome will vary depending on who your heirs are, and it may not be what you want.
- If you have children and something happens to you and their other parent while they are still minors, a court will have to decide who will raise them, and the appointed guardian may not be someone you would have chosen.
- Should you be critically injured in an accident or lose capacity to make your own healthcare decisions, your family is left wondering what your treatment wishes are.
By putting together an estate plan that includes a will and provisions for a healthcare proxy or power of attorney, you can spare your loved ones the stress of an unwanted outcome.