What Are the Benefits of Having an Estate Plan?
You may just think of an estate plan as something that individuals decide to create in the later years of their life; a rite of passage, if you will. However, there are specific reasons behind why many individuals decide to do so. Namely, their estate plan may work to aid their loved ones during the difficult time of their passing. Read on to discover some of the benefits of having an estate plan and how one of the seasoned Butler County estate planning & probate attorneys at Heritage Elder Law & Estate Planning, LLC can help you execute this.
What are some of the benefits of having an estate plan?
It is no secret that creating an estate plan that will be valid and enforceable in the state of Pennsylvania is so easy feat. But in the end, the payoff that your loved ones may experience may just make this all worth it. Without further ado, the benefits of an estate plan may include, but may not be limited to, the following:
- You may be able to control exactly what happens to your assets, of monetary value and sentimental value alike, upon your passing.
- You may be able to control exactly who will gain guardianship over your minor children upon your passing.
- You may be able to control exactly who will take care of your pets upon your passing.
- You may be able to minimize the income taxes, gift taxes, and estate taxes that your assets might incur.
- You may be able to avoid the delays and lack of privacy that comes with the probate process.
What are the benefits of having a life insurance policy?
Many individuals forget about setting up a life insurance policy when creating their estate plan. However, this must not be overlooked. This is because a life insurance plan may serve as a way to make up for your lost income upon your passing. That is, it ensures that your loved ones are still financially supported when you are no longer around. This is not to mention that it will provide death benefits to your loved ones. This is all while providing liquidity that is helpful in your overall estate plan.
The way this works is that you will make premium payments toward your term life insurance or permanent life insurance policy throughout your life. Upon your passing, your insurance company will make regular payments or a lump-sum payment to your named beneficiaries. With this, your named beneficiaries may make a claim and start receiving these payments in as little as 14 days. Overall, a valid and enforceable life insurance plan gives your loved ones less of a burden to carry.
In the end, the first step you should take in your estate plan is to retain the services of one of the competent Butler County estate planning attorneys. So call us at Heritage Elder Law & Estate Planning, LLC today.
