As
you contemplate how to show your love for the important people in
your life during the holiday season, you may not have considered one
gift that too few people give: estate planning.
Most
people shy away from estate planning as it reminds them of their own
mortality. But estate planning is an essential task that everyone
should undertake no matter their age, circumstances, or financial
situation. And it's an excellent gift.
How
is estate planning a gift that shows your appreciation for your loved
ones? Discover just three of the organizations or people who will
benefit from this gift.
1.
Your Family
When
a person passes away without having done any end-of-life planning or
estate planning, their family is often left with a mess to clean up.
Consider
what happens after you pass away. Family members and friends must try
to figure out what you would have wanted — in everything from
end-of-life medical decisions to funeral plans to the care of your
pets. Often, significant conflict among family members happens over
money and arrangements. They may end up losing portions of their
inheritances to taxes. And they will need access to your money to pay
bills.
Do
you want to save your family the trauma and expense that comes with
all these uncertainties? Then prepare a gift that provides a clear
path for family members to follow. Planning tools like wills, powers
of attorney, and trusts let them know exactly what you want. This
includes what your funeral should look like, how to pay for it, where
your money should go, or who gets what assets. You can also express
your love.
2.
Yourself
While
the holiday season is generally seen as a time to give to others, it
should also be a time to treat yourself. And even though planning for
your passing doesn't seem like a treat one gives oneself, it actually
is. First of all, you will ensure that your own wishes are heard and
met if you pass away.
You can also reduce
stress. How? Most people are aware that they should plan something in
case of an emergency, but many put it off for years or even until
it's too late. Get rid of that nagging worry. Give yourself the gift
of knowing that you have cared for your responsibilities to your
spouse, children, grandchildren, and friends.
3.
Charities
Everyone
has interests and causes that are special to them. Have you donated
to particular charities regularly? What about nonprofit organizations
like museums, theaters, or zoos? Do you give each year to causes that
revolve around a certain interest, such as animal protection or
higher education? If so, do you want the opportunity to continue to
give with your estate?
If
you don't plan ahead for any charitable contributions you want to
give, none of those organizations will see any funds after you pass.
Your family may not even know to which causes you like to give
support. And funds will be divided up quickly in accord with state
laws.
In
your estate plan, though, you can designate dollar amounts, accounts,
or percentages for certain causes to ensure your legacy continues.
Even if you have few assets, something like a life insurance policy
can provide at least some funds for you to show your generosity to
causes you cared about.
Where
to Start
So,
if you think that this is the year for you to give the gift of
advance planning, where should you begin? Start by consulting with an
experienced estate planning attorney in your area. At Donald
B. Linsky & Associate PA
,
we can help. Call today to make an appointment and start crafting the
arrangements you want.
